Article by Aaron Smith, CNN Money
The marijuana market is about to boom.
Voters in three states, and perhaps a fourth, approved legal recreational pot on Tuesday. Four more states expanded access to medical marijuana.
All told, it could expand the national market to $21 billion by 2020, according to New Frontier Data, part of the marijuana industry organization Arcview Group. That is up from $5.7 billion last year and an expected $7.9 billion this year.
“Despite broad political division in the country, cannabis seems to be the one factor that has drawn universal support,” said John Kagia, executive vice president for industry analytics at New Frontier Data. “This has exceeded the expectations of even the most Pollyanna-ish industry participants.”
California, Massachusetts and Nevada approved recreational pot on Tuesday. In Maine, yes votes held a slim lead on Wednesday as the last ballots were being counted. Recreational marijuana is already legal in Colorado, Oregon, Washington, Alaska and Washington, D.C.
Three more states — Arkansas, Florida and North Dakota — approved medical marijuana, and voters in Montana removed restrictions blocking the creation of a market there. Medical marijuana was already legal in 26 states.