Report: Washington Marijuana Sales to Exceed $2 Billion by 2020

Based upon market trends and sales data, a new report suggests that retail marijuana sales in Washington State could hit the $2.4 billion mark by 2020. That would double the state’s current sales records. Part of what helps these numbers is combining both medical and recreational marijuana into one business.

The downside is that medical marijuana patients have to pay the 37-percent excise tax, according to Puget Sound Business Journals. Throughout the state, there are now 556 retail marijuana shops available.

CEO of ArcView Group, Troy Dayton, said, “The Washington market is maturing, but it has a long way to go to reach saturation. It will practically double by 2020. People really like cannabis and the regulated market is beating the underground market, as predicted.”

Another year of study will show the impact this has on Washington’s recreational and medical marijuana markets. Sales are projected to grow from $1.2 billion this year to at least $2.4 billion by 2020. That shows a growth rate of 23-percent annually.