California’s legal cannabis market will grow 23% to $3.1 billion in 2019, according to a new report by Arcview Market Research and BDS Analytics. And by 2024, the state’s legal weed industry could exceed $7 billion in annual sales.
Strict testing regulations and local bans on commercial sales of cannabis weighed on California’s recreational marijuana sales in 2018. An industry shakeout occurred, and many smaller cannabis companies folded. But the remaining players are now better situated to profit from the long-term growth of California’s legal pot market.
“California companies that survived the dual ‘extinction events’ of 2018 have emerged stronger and well-positioned to