California made history 20 years ago when it became the first state to legalize medical marijuana, but since then, not much has changed. Regardless, California marijuana sales still reached $2.7 billion in 2015. Compare that to the $996 million in legal weed sales pioneer state Colorado reached in 2015 and the $5.7 billion total the entire U.S. brought in, and you can see what a huge part California plays in the legal cannabis industry.
Since the ballot initiative to decriminalize weed failed in 2010, no real moves to legalize recreational marijuana have been made — until now. The “Adult Use of Marijuana Act”, backed by tech billionaire Sean Parker, is the current frontrunner initiative Californians should get to vote on in November, and if they do, a recent poll shows that 60% of likely voters will vote yes.
If the stars finally align for the Green—I mean Golden State, as they are predicted to do, the California cannabis market could reach $6.6 billion by 2018 according to the latest “State of Legal Marijuana Markets” report by New Frontier and ArcView Market Research.
“California’s legal medical cannabis market is the largest of any state, responsible for 62% of the country’s total medical cannabis sales in 2015 and over half of all legal cannabis sales — medical and adult use markets combined,” said ArcView CEO Troy Dayton. “All eyes are on California as voters decide on whether to legalize adult-use in the state in November. Success at the ballot box would massively increase California’s total legal market share.”