According to a research report published by Arcview Market Research, the growth of the legal cannabis market is projected to reaccelerate beginning in 2018. Adult use sales would ramp up in Canada, California, and Massachusetts along with medical sales in Florida. The current growth in the sector has been $6.7-billion market in 2016 at a robust 27% CAGR to $22.6 billion in 2021. For the cannabis industry, the biggest political victory came in the U.S. elections in California. California voted overwhelmingly in 2016 to make adult use legal in a state that represents the world's sixth-largest economy. ChineseInvestors.com, Inc. (OTC: CIIX), AXIM Biotechnologies, Inc. (OTC: AXIM), Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE), Vitality Biopharma, Inc. (OTC: VBIO), Cannabis Sativa. Inc. (OTC: CBDS)
A major component of the legal cannabis industry is the CBD market. Matt Karnes of Greenwave Advisors is even more optimistic about the growth of the CBD market saying, "In terms of the CBD market size, I estimate an almost $3 billion market by 2021. Right now, there are 15 states that allow CBD only - this is in addition to the 28 states plus DC that have legalized medical marijuana," Forbes reported. Outco, the largest licensed cultivator in Southern California learned that 38% of users and non-users said they wanted to learn more about CBD oil. Forbes indicated that Outco also believes the market is poised for growth.