Authorised Indian hemp sales to hit $10 billion in 2017

The approved sale of Indian hemp for recreational and medical purpose have exceeded initial estimate and is now expected to hit $10 billion in 2017, industry analysts in the US have said.

This report was released by Arcview Market Research Wednesday.  

According to Thomas Adams, the editor-in-chief of Arcview, the organisation’s midyear report “Shows positive indicators across the board for the legal cannabis industry, in North America and around the globe.

“The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-Use markets are the primary drivers of the growth this year,” 

Mr. Adams said in a press release. “That’s nothing compared to what we can expect in 2018 and beyond from Nevada’s tourism, and California and Canada planning to launch Adult-Use sales in 2018.”

Voters in seven states legalized either recreational or medical marijuana in Nov. 2016, and laws allowing for either are currently on the books in 29 states and Washington, D.C., including five where retail or “adult-use” cannabis may be legally purchased from state-licensed pot shops: Alaska, Colorado, Nevada, Oregon and Washington state.