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Legal cannabis is the fastest growing industry in North America, with significant implications for the food and beverage industry. The recently released State of Legal Marijuana Markets report from Arcview Market Research and BDS Analytics projects retail sales of legal cannabis will climb from 2017’s $9.2B to $24.2B in 2021—an impressive 27% CAGR.
From medical applications to health, wellness, relaxation, and recreation, no other ingredient has offered food and beverage companies such wide-ranging potential in the form of consumer benefits and methods of consumption. Consumers in states where the substance is legal now have a rapidly expanding variety of choices of cannabis and products containing cannabis.