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California Cannabis Market Sales to Reach $3 Billion in 2019

Stockhouse Editorial
0 Comments| August 16, 2019


Despite a rocky start for the regulated adult-use market last year, California’s legal cannabis market is on track to reach $3.1 billion in 2019 sales.

This comes from the latest report from Arcview Research, which also tracks the industry to reach $7.2 billion in sales by 2024, a 19% compound annual growth rate (CAGR) over the next five years.

 

 

The report also found the average consumer in California to be 44-years-old, while younger generations consume at higher rates, with 39% of Gen Z and millennials and 41% of Gen X reporting consumption in the past six months, versus 20% of Baby Boomers and older generations.

There is also the issue of access, with the state having a low number of retailers compared to its population. There is currently only one licensed retailer for every 35,147 adults over the age of 21.


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