People in North America spent $53.3 billion on legal, medical, and illicit marijuana in 2016. That’s more cash than Americans blow in a year at McDonald’s and Starbucks combined.
A new market report from Arcview Market Research clearly shows that while growth in legal Cannabis sales is up significantly, it is still slow to make a dent in the “black market” which still controls the lions share of $53.3 billion in sales last year.
While $6.7 billion in legal sales was a 30% increase from the year before, the illicit market still generates 87% of total marijuana sales. Some of the reasons for this are the high costs associated with a regulated and still persecuted industry state by state…and the crazy licensing and production costs associated with “legal” pot businesses. The other factor is that quality of product in many areas is superior in the black market for a much cheaper cost. Many producers and users are still fine with working outside the zany legal framework of prohibition.
We continue our “wait and see” attitude on what President Trump and his new administration will do about this burgeoning market demand for a simple organic weed. The “War on Drugs” is an extreme failure and cover-up of ulterior motives. If they are serious about “making America great again” and liberty, they should definitely work on the side of decriminalizing production and use of a product that sells more than McDonalds and Starbucks combined…and is arguably a much healthier habit.