Washington, Nov. 07, 2018 (GLOBE NEWSWIRE) -- New Frontier Data, the authority in data, analytics and business intelligence on the global cannabis industry has released a special Election Day update to official growth projections based on the results from several cannabis ballot initiatives. The legalization of medical cannabis in Utah and Missouri and legalization of adult-use in Michigan will result in new markets that are projected to account for more than $1.2 billion in additional sales for a combined total of $2.1 billion in total legal sales by 2025. This increase will create more than 30,000 additional cannabis jobs over the same period.
“Cannabis legalization in some form has occurred in nearly 60% of the United States, and based on our research, legal retail sales revenues are currently estimated to be $10.3 billion in 2018; we now project the market to grow to more than $25 billion while supporting more than 642,000 jobs by 2025,” said Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data.
The revised projections take into consideration the outcome of four state ballot initiatives:
- Michigan passed Proposal 1, legalizing recreational use and making Michigan the fifth largest legal U.S. cannabis market; combined with medical, annual sales are projected to reach $1.9 billion in total legal sales by 2025.
- Missouri passed Amendment 2, legalizing state-wide medical cannabis; resulting annual retail sales are projected to reach $111 million by 2025.
- Utah voters passed Proposition 2, legalizing medical cannabis; annual retail sales are projected to reach $63 million by 2025.
- North Dakota voted down Measure 3, which would have allowed adults to grow, consume and possess as much cannabis as they want, without government oversight and without state taxation; annual recreational sales could have reached $67.5 million by 2025.
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policymakers. New Frontier Data’s reports and data have been cited in over 69 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver, CO, London, UK, Bogota, Colombia, and Hong Kong.
New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data please visit: http://www.NewFrontierData.com.