Uh-Oh! California's Marijuana Growers Have a Major Problem
Growth in the legal marijuana industry has been practically unstoppable over the past couple of years, and the sales data shows it.
According to cannabis research firm ArcView, legal weed sales grew by 34% in North America to $6.9 billion in 2016, and they're on track to grow by a compound annual rate of 26% through 2021. This would equate to a North American market worth nearly $22 billion in five years, and there could be plenty of expansion yet to come. This sales growth, along with the rapid change in consumers' perceptions of cannabis, which includes an all-time high percentage of Gallup and CBS News survey-takers who want to see pot legalized nationally , have been the catalysts that have driven investors to marijuana stocks over the past year.
Image source: Getty Images.
Source: Fool.com
