Voters in five states where medical marijuana is already legal; California, Nevada, Arizona, Massachusetts and Maine, are considering whether to fully legalize adult use. North Dakota, Florida, Arkansas and Montana have medical marijuana measures on the ballots.
Legal marijuana is already a $7 billion industry in the U.S. by some estimates. Adult use is legal in Washington, Oregon, Colorado and Alaska, and medical marijuana is available in half of the states. Using data gathered over years of managing marijuana operations, MedMen calculated potential market sizes in the states with marijuana measures this November.
- In California, passage of Proposition 64 could add $8.38 billion in annual sales to an already robust medical market worth an estimated $2.83 billion.
- Recreational use could add $6.85 billion in annual sales in Nevada, boosted by the state's tourism industry.
- Arizona and Massachusetts' recreational markets are estimated to be worth $1.45 billion in annual sales each.
- Maine's adult use market is pegged at $287 million annually.
- Medical marijuana sales in Florida and North Dakota could reach $2 billion and $75 million respectively.
MedMen's calculations are based on the rate of cannabis use, both medical and recreational, in the U.S. population, and the market price of legal marijuana. The company used existing studies and data collected through years of consulting and managing cannabis operations across North America. The numbers reflect maximum potential sales, actual numbers will depend on regulatory constraints and the industry's ability to scale up and meet demand.
"The potential of this industry is undeniable," said MedMen CEO Adam Bierman. "Whether any of the state measures pass, we believe in time the full potential of this industry will be realized. The question is how we make sure it is done in a safe, responsible and controlled manner."