The medical marijuana market in the U.S. is worth $1.8 billion, but the industry has a long way to go to meet its $3.6 billion target by 2020, according to a new report from the National Cannabis Industry Association.
The cannabis industry has grown from just $150 million in 2015 to nearly $4 billion in 2020.
The report, based on new research and a review of industry trends, found that the industry is still in a “potential boom,” with sales expected to double over the next five years.
While some marijuana companies have already reached $1 billion in annual revenue in the first quarter of 2020, the report found that growth is only half of the total.
The study says the industry faces several challenges, including a lack of infrastructure, regulatory compliance, and consumer demand.
“The key to reaching our 2020 goal is an innovative, scalable, and secure cannabis supply chain that allows the market to grow exponentially and meet its potential,” said Scott A. King, chief executive officer of the NCAI.
“With the launch of the Cannabix cannabis delivery system, we are poised to be one of the largest cannabis delivery services in the world by 2020.”