Pot is hot — the legal marijuana market in the U.S is expected to hit $11 billion in consumer spending by the end of 2018, and over $23 billion by 2022, according to projections from a new survey released Thursday.
The market’s rapid economic growth is likely to lead to a surge in pot-related jobs as well,with the potential to generate more than 467,000 full-time equivalent jobs in 2022, according to the study conducted by Arcview Market Research and BDS Analytics.
Marijuana advocates say the economic figures bolster the argument for legalizing cannabis and may lead to a nationwide change.
“The end of marijuana prohibition is in sight and what that means for this market cannot be overstated,” Arcview CEO Troy Dayton said.
“There are billions of dollars in institutional capital chomping at the bit to take advantage of this shift, but so far haven’t found a major way in,” he said. “This leaves a limited window for businesses to get a foothold and build value for liquidity events that might come sooner than any of us thought possible just a few months ago.”
Other countries with more liberal marijuana laws have seen similar economic payoffs, the study said. Global spending on legal cannabis is projected to reach $32 billion by 2022.
Canada and California alone are expected to dominate 41 percent of the world market by that time.
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