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.
According to a new report from Arcview Market Research, a leading publisher of marijuana market research, the black market is losing ground to its legal counterpart as consumers spend more money each year on legal cannabis. Progress is slow, however.
The North American legal weed market posted $6.7 billion in revenue in 2016, up 30% from the year before. The illicit market generated 87% of total pot sales, down from 90% in 2015.
The numbers suggest the legal marijuana industry is growing quickly, but it has a ways to go before it topples the black market, which has the lion’s share of revenue.
– Read the entire article at Business Insider.