As 2017 comes to a close, the news and specs for 2018 are beginning to rise. New states becoming legalized for recreational marijuana such as California, New Jersey and others, are leading the way for the rest of the country. Cannabiz had the following updates to share about the 2018 Cannabis market expectations.
2018 Looks Promising for Marijuana Legalization and Medical Marijuana Expansion
During his presentation, Marijuana Business Daily’s Chris Walsh predicted that New Jersey will be the next state to legalize recreational marijuana. With a population of 9 million (that’s 3 million more than Colorado and 2 million more than Massachusetts) and 20 million more people within a few hours of the state by car, New Jersey will play a big role in the U.S. marijuana industry. The state could reach $1 billion in market potential.
Other states that could legalize marijuana in 2018 include Rhode Island, Vermont, and Michigan. For medical marijuana, Missouri, Oklahoma, South Dakota, and Utah are the most likely to approve it in 2018.
Recreational Marijuana Sales are Going Strong in New Markets and Will Continue in 2018
Nevada rolled out its recreational marijuana program in 2017, and the market is already growing rapidly. With just 53 retail stores selling marijuana this year, retail sales reached $60 million in the first two months and are expected to reach $250-$300 million before the year ends.
However, the news isn’t as good in California, Massachusetts, or Maine. California’s market potential is $4.5-$5 billion. While sales are scheduled to begin in January 2018, there could be obstacles that make the rollout less smooth than license holders and consumers would like.
Similarly, Massachusetts, with a market potential of $650-$750 million won’t have its full recreational market up and running in 2018 as expected, but some sales might start sooner. In Maine, the program, which has a market potential of $250-$350 million, has been delayed by at least a year.
For more information on Cannnabiz’s Article visit it here.