The cannabis market is projected to continue to grow well into the year 2022.

Cannabis industry analysis indicates that the legal cannabis market in the U.S. is projected to reach $11 billion in consumer spending during 2018 and exceed $23 billion by 2022.

The research by Arcview Market Research, in partnership with BDS Analytics, shows that the industry has potential to generate more than 467,000 full-time equivalent jobs by 2022.

Despite current federal prohibitions, the U.S. legal cannabis industry experienced a 31% growth in 2017 to reach $8.5 billion.

Projections show that the continuing state-by-state legalization of medical-use programs and the recreational use legalizations will bring nationwide spending in the U.S. to about $23.4 billion by 2022 while growing at a 22% compound annual growth rate (CAGR) over the five-year forecast period. 

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