Legal U.S. Marijuana Industry Projected to Hit $13.3 Billion by 2020 | Marijuana

Legal U.S. Marijuana Industry Projected to Hit $13.3 Billion by 2020

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The labor market is definitely germinating a chronic change…

Move over high-tech employment opportunities – forget construction and manufacturing jobs – according to an annual report from New Frontier data, by 2020 the legal marijuana industry will cultivate more than 250,000 jobs in the United States.

Representing great news for the underemployed 420-fans and would-be cannabis capitalists, by the time we vote for our next POTUS, America’s flourishing legal marijuana market is projected to generate approximately $13.3 billion in new economic activity. Spawning approximately $7.2 billion in 2016, the legal U.S. marijuana industry is anticipated to bulk up by a compounded annual growth rate of 17%.

marijuana_jobs_vs_traditional_job_sectorsComparatively smoking the other traditional U.S. employment sectors, the creation of these 250,000+ new jobs reveals the simple fact that America’s fast-growing legal marijuana industry is expected to flourish in the near future. Generating greater employment opportunities than most sectors combined, according to statistics found on the Bureau of Labor Statistics (BLS), the legal marijuana industry will create more high-paying jobs than state and local governments, manufacturing and agriculture.

A new paradigm of employment for all, the growth of medical marijuana as an industry – projected to hit $13.3 billion in 2020 – coincides nicely with the BLS statistics that suggests the fastest growing employment sectors are predominantly related to healthcare.

For their annual study of the Industry, New Frontier formulated their predictions based on analysis provided by the Marijuana Policy Group (MPG). Grounded in projections from markets that have already puff, puff, passed some type of marijuana reform, New Frontier’s conclusion intentionally discount those states anticipated to legalize both recreational and medicinal marijuana by 2020.

According to data provided by the annual New Frontier report, here are the projected top 5 states for both recreational and medicinal marijuana sales in 2020:

  • California – $5,619,731,479
  • Washington – $1,975,339,960
  • Colorado – $1,762,965, 533
  • Massachusetts – $1,015,456,862
  • Oregon – $953,802,240

Photo courtesy of Allie Beckett

About Author

My name is Monterey Bud and I was born in Long Beach and raised on the central coast. I surf, dab, burn and write. I'm a husband, a father and a lifelong consumer of connoisseur grade weed. I have been writing about marijuana strains, science, and politics for Marijuana.com since 2012. A Big Sur cultivator from the pre-helicopter days, I'm a big fan of new strains and breaking news. I can be reached on Twitter @MontereyBud

1 Comment

  1. Oliver Steinberg on

    How about a reality check. Those tens of thousands of projected jobs are just fantasy.
    In a few months, the private prisons will be revving up for the far-more-probable future–an American Gulag, where prisoners of weed will work for no payment at all, and at much less enjoyable chores than bud-trimming or dispensary-sales. Any weed smokers who voted for Trump are gonna have plenty of time to figure out that they were conned.

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