These seven U.S. states may have billion-dollar cannabis markets by 2022

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The U.S. cannabis industry is progressing at a colossal place. More than two-thirds of U.S. States have now legalized the plant for medicinal and/or recreational use and sale. With this rise in legalization comes an almighty economic boost.

In fact, according to new data from ArcView Market Research and BDS Analytics, the following seven U.S. States may boast a $1 billion cannabis market by the year 2022:

1. California

The blossoming cannabis industry in California has hit the $1 billion mark. Just last year, prior to the legalization of recreational cannabis, almost $3 billion was spent on weed in the state. Based on the latest estimates, Californians will fork out $7 billion on cannabis products by the year 2022.

2. Colorado

Another state that is dominating the U.S. cannabis industry is Colorado, which made history when it became the first state to legalize the plant for recreational use in 2014. Today, the market is worth $1 billion and in 2017, $1.5 billion was spent on cannabis by Coloradans – a figure that will reach up to $2.5 billion within the next five years.

3. Florida

The legal cannabis market in Florida is still in its infantile stages. However, it is on track to becoming a billion-dollar market. Last year, medical cannabis spending reached $192 million. As the laws become more relaxed and state medical cannabis program applications surge, Floridians will spend upwards of $1.7 billion by 2022.

4. Washington

Pay close attention to Washington, because last year the state got surprisingly close to spending $984 million on cannabis. The well-established cannabis industry in Washington might not grow as quickly as some other states, however. By 2022, it is forecast to pull in $1.5 billion.

5. Michigan

Michigan residents are definitely capitalizing on the legal medical cannabis market, which is the second-biggest in the U.S. after California. State expenditure peaked at $812 million in 2017, putting Michigan very close to the billion-dollar mark. Moreover, state cannabis voters will be able to legalize recreational weed by the fall.

6. Massachusetts

Recreational cannabis sales might have been delayed in the newly-legal State of Massachusetts but when they do begin, sales are predicted to top $1 billion by 2022.

7. Arizona

The medical cannabis market in Arizona has matured at lightning-fast speeds, with consumers spending over $400 million on cannabis-based treatments and medicines. According to projections from ArcView Market Research and BDS Analytics, cannabis may be legalized for adult-use by the year 2021. When this happens, Arizona’s cannabis market could be worth billions of dollars. Even without cannabis legalization, however, Arizona is likely to hit the $1 billion mark in the near future.

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