Gold Rush: California’s Cannabis Market
California is one of the most sought-after states to live in. Apart from being the most prominent part of the United State’s economy, California is also the world’s six-largest economy with the most extensive marijuana market globally. The state’s annual cannabis sales totaled $2.8 billion in 2016.
2018 was a revolutionary year for the cannabis market in California due to the state-ruled legalization of cannabis and its medical and recreational use across the state. It paved the way for a new era in the legal cannabis market, allowing it to reach 3.7 billion in 2018. California’s legal cannabis market became a leading competitor to the beer market in 2019 by reaching $5.1 billion in annual sales.
Here’s everything you should know about the growing cannabis market in California.
California — the Epicenter of the Cannabis Market
Multiple factors make California the pivoting state for the cannabis market. These include the state’s massive population size, historical culture of cannabis consumption, and the introduction of medical cannabis in 1996.
With a 40-million population, the state currently has 1,000 dispensaries for medical cannabis, serving around one million patients consuming medical cannabis for various treatments.
The 35% higher population growth rate in the state is also a significant factor for increased cannabis consumption. A Forbes report indicates that many senior citizens in California tend to spend a considerable amount of money on cannabis as they get older.
Medical Cannabis Market in California
The medical cannabis market in California continues to grow after its legalization, with the most significant cannabis production regions such as Mendocino County, Trinity County, and Humboldt County. Today, many other states and countries are adopting the growing and branding techniques employed in California to produce premium and world-class strains and terpenes.
It’s safe to say that the medical cannabis market in California has opened endless doors of opportunities for recreational cannabis producers. Nevertheless, medical cannabis continues to edge over recreational goods because most companies are tailoring cannabis by synergizing them with natural and GMO-free components to meet consumer’s needs.
Future Projections for the Cannabis Market in California
With the economic impacts of 2020 due to the pandemic, 2021 seems to be a mixed bag for the cannabis market. However, its legalization makes it easier to expect cannabis consumption and production to rise. Furthermore, the market is likely to witness increasing competition with new suppliers and producers, especially in the medical cannabis market.
Despite market uncertainty caused by the pandemic, the cannabis market in California is likely to combat the financial volatility and grow as an impactful part of California’s 6000-year-old cannabis culture.
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