NEW YORK - According to data provided by New Frontier Data, in partnership with Arcview Market Research, the legalization of cannabis in California, Massachusetts, Nevada, Florida, Arkansas and North Dakota will result in new markets that account for $7.1 billion in sales by 2020. The research estimates that the overall U.S. cannabis market will exceed $20.9 billion by 2020.
Nevada presents significant opportunities for investors and businesses in the legal cannabis market. New Frontier Data explains that Nevada ranks as a top tourism destination, due to generous patient reciprocity laws, and the allowance for medical cannabis businesses to be formed as for-profit enterprises are all important factors expected to boost the industry. The combined medical and adult use sales in Nevada are expected to reach about $622 million by 2020. Pivot Pharmaceticals Inc. (OTC: PVOTF), Lexaria Bioscience Corp. (OTC: LXRP), Vitality Biopharma, Inc. (OTC: VBIO), Kush Bottles, Inc. (OTC: KSHB), General Cannabis Corp. (OTC: CANN)