Washington – New Frontier Data, the cannabis Big Data and analytics authority, in partnership with Arcview Market Research, the leading publisher of cannabis market research has released its Massachusetts Legal Cannabis Market State Profile, which shows the potential growth of the legal marijuana market after Massachusetts voters legalized adult-use on Election Night 2016.
Our report projects that Massachusetts’ market will grow to over $1 billion by 2020 at a compound annual growth rate of 113%.*
“As one of only two states on the East Coast to legalize cannabis for adult use, Massachusetts represents a significant opportunity for business owners and entrepreneurs in the space. The law does not limit product forms nor does it cap retail dispensary licenses, which are both factors that will positively contribute toward the billion dollars in sales projected by 2020,” said New Frontier Data Founder & CEO Giadha Aguirre DeCarcer.
“Unlike other places where cannabis is legal, Boston is within driving distance of many of the most populous places in America. This will make Boston the cannabis capital of the world in short order. This cannabis tourism will drive significant revenue, tax dollars, and job growth which will make legalization very attractive to neighboring states,” said Troy Dayton, CEO of The Arcview Group.
Over the next four years, the legal cannabis market in Massachusetts is forecast to grow from $52.0 million in 2016 solely from medical use sales, to an estimated $1.07 billion in 2020 with medical and adult use sales combined. The full regulatory structure and key program details of the adult use market remain to be determined, and the market could take a few different directions depending on the actions of the Massachusetts Cannabis Control Commission and local municipalities across the state. However, the broad parameters of the law create an opportunity for an open and expansive market.
Key trends that will be critical in shaping the growth and evolution of Massachusetts’ market covered in the report are:
- Interplay between the medical and adult use markets
- Competition from bordering states with legal medical and adult use programs
- Regional, national, and international tourism demand
- Physician participation and its impact on medical program growth
If you would like more information on Massachusetts’ legal cannabis markets, you can download the 2016 Massachusetts Legal Cannabis Market State Profile at https://newfrontierdata.com/product/massachusetts/ and the report can be ordered for $249.
*Market figures to be attributed to Arcview Market Research.
About New Frontier Data:
New Frontier Data provides objective, rigorous and comprehensive analysis and reporting for the nascent and underserved cannabis industry. New Frontier’s data and reports have been cited in over 45 countries around the world to inform industry leaders. New Frontier, the premier Big Data shop in the sector looks beyond the plant cultivation and distribution, to raise the industry bar and improve visibility into what will inevitably soon be a mature and more complex industry. Founded in 2014, New Frontier is headquartered in Washington, D.C. For more information or media inquiries, please visit www.frontierfinancials.com or contact Gretchen Gailey at 202-489-3821 or firstname.lastname@example.org.
About The Arcview Group:
Founded in 2010, The Arcview Group is responsible for a number of groundbreaking ventures in the cannabis industry. The ArcView Investor Network includes more than 600+ dues-paying accredited investors who have put more than $91 million behind 135 companies. The next big members-only Arcview Investor Forum is scheduled for January 16-18 in Los Angeles, CA. Arcview Market Research produces the State of Legal Marijuana Markets report, which is the most oft-cited market report. Arcview is a partner in Canopy, a seed-stage mentor-driven business accelerator. Arcview is also co-founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry. For more info on The Arcview Group please visit www.arcviewgroup.com or contact Abby Benjamin at 720-518-7611.