India, Aug. 16 -- The legal cannabis market in California is poised for huge growth after seeing a $500 million fall in legal sales in 2018 following an initially rocky launch of the state's adult-cannabis market, according to a new report.
The report, titled "California: Lessons From the World's Largest Cannabis Market", released by Arcview Market Research and BDS Analytics, projects California's legal cannabis market to grow 23 percent in 2019 to $3.1 billion.
Legal cannabis sales in the state are projected to further reach $7.2 billion in 2024, representing a 19 percent compound annual growth rate or CAGR over the next five years.
Nevertheless, California was the first state to record a year-over-year decline in legal cannabis sales a...