Before you jump into starting a cannabis business, find out what the outlook is for this currently booming industry.

An important thing to know before getting into the marijuana industry is what the current market looks like. Since most of the top analytics firms in the space collaborated in New Frontier Data’s “The Cannabis Industry Annual Report: 2017 Legal Marijuana Outlook,” you can use their figures as reference.

As per New Frontier Data’s estimates, legal cannabis sales in North America reached about $6.6 billion in 2016; recreational marijuana sales accounted for roughly 29 percent of that figure, while the remaining 71 percent went to medical marijuana. Although significant, the $6.6 billion still represents less than 12 percent of the total $56 billion Arcview Market Research estimates North Americans spent on weed last year.

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