According to a new report from the Toronto-based investment firm Echelon Wealth Partners, cannabis in the US could become a $60 billion market if it became legal at a federal level.
That would make the cannabis industry bigger than the market for vitamins and supplements, according to Business Insider. Echelon used data from the market-research firm Euromonitor to predict the possible size of the cannabis market.
Mathew Pallotta, an Echelon analyst, said, “We note that one of the most unique and attractive aspects of the burgeoning cannabis category, relative to other high-growth consumer segments, is that significant demand for the products already exists."
The tobacco market, spearheaded by the vaping products, is a $121 billion market. Pallotta says there is a big investment opportunity in the US, not in large Canadian companies like Canopy Growth or Aurora Cannabis, but rather in smaller US cannabis producers and operators.