Is Massachusetts Poised to be the Next Cannabis Powerhouse?
The West Coast has long had a steady hold on the marijuana industry, but as legalization spreads east, it may be losing its grip.
Massachusetts is home to one of the fastest-growing markets, projected to reach more than $2 billion in the recreational cannabis market alone by 2023, according to a recent analysis by the Brightfield Group, a Chicago-based cannabis market research firm. That’s 10 percent of the total market share, tied with New York and coming behind only California.
The group estimates the medical market will also grow, to about $125 million over the same period. Bay Staters are likely to continue registering for medical marijuana cards, despite easier access to the recreational substance.