The U.S. Legal Cannabis Industry Could Reach $22.6 Billion in Four Years

On the morning of the 24th, Beijing time, the latest report from Arcview, an American cannabis market research agency, shows that despite facing stricter regulation by the Trump administration, the legal cannabis industry in the United States will still flourish, and sales are expected to reach $22.6 billion by 2021, with an average annual growth of 27%.

Troy Dayton, CEO of Arcview Market Research, said that regardless of what the Trump administration does, states in the United States will continue to issue cannabis licenses to applicants, and there will continue to be long queues of consumers in front of licensed cannabis dealers.

So far, more than 20 states in the United States have legalized marijuana for medical or recreational use, including eight of them, including California, the most populous state in the United States, and the District of Columbia, where the capital Washington is located. The administration of former President Barack Obama largely ignored this. But in February, White House spokesman Spicer said the Trump administration could make a clear distinction between medical and recreational marijuana, and tighten regulations on recreational marijuana.

This comes after Trump sent shockwaves through the industry by appointing former Senator Jeff Sessions of Alabama, a longtime opponent of marijuana legalization, as attorney general.

Last year, U.S. sales of legal marijuana reached $7 billion, and sales taxes amounted to $500 million. Legal marijuana has become one of the fastest-growing industries in the United States.