The legal cannabis industry has been rapidly growing by state and the push to federally legalize is growing as well. In 2016, legal sales reached $6.9 billion, up 34% from the previous year*. These numbers are already impressive, but consider the impact if cannabis was legalized nationwide? Projections suggest sales could exceed $50 billion in North America, rivaling the US organic food industry. Across the US, cannabis is now widespread in fully regulated systems, making it just like any other product category.
As a result, smart and forward-thinking entrepreneurs are taking the opportunity to establish their roles.
At GCI, we are working with affiliates on the cutting edge of cannabis education and technology. We are experienced in this industry and are prepared to make an impact. In the last year, the rise of legal cannabis has made it essential for business people to explore its potential for investment. Legal cannabis is a huge growth-based industry, and GCI is poised for growth. Based on our professional experience, we believe it is an important and exciting time to get involved in legal cannabis, especially in California.
California has been an industry leader in cannabis since the legalization of medical marijuana in 1996. The state currently holds the greatest medical cannabis sales at $980 million annually. With the passing of Proposition 64 in 2016 (to legalize recreational cannabis), California is now set to create a robust state regulatory structure.
Recent estimates project that the legal cannabis market in California alone will be worth nearly $7 billion by 2021. Given its ideal climate and rich market history, California has immense potential to dominate industry growth as the US approaches federal legalization. At GCI, we believe that forward-thinking investors should position themselves today for the future. To remain knowledgeable and ahead of the curve, we have been researching other state markets where legalization has occurred.
Interested in learning about Colorado’s experience after one year of recreational adult-use legalization?
GCI is proud to work with some of the most influential and innovative cultivators in the state of California. Phinest Cannabis is one of our brand affiliates and they are making a big impact! See what they're up to and what our management team can do. Give us a follow on Instagram!