Wall Street Investment bank RBC Capital Markets has estimated that a legal cannabis market in the entire U.S. could generate $47 billion annually within the next ten years, according to a Business Insider report. The same analyst claimed that current combined legal and illegal sales top $50 billion.
“We believe further US decriminalization of cannabis including for recreational use is very likely over time. It ultimately starts with US voters who across demographics are supportive of cannabis legalization.” — RBC Capital Markets, in a letter to clients
RBC Capital Markets compared that $50 billion number to existing spirits, beer, and wine markets. Spirits currently generate $58 billion annually, wine $65 billion, and beer $117 billion.
Cannabis, then, even in the current climate, is comparable to other recreational substances. As social stigmas regarding cannabis consumption shift, those numbers may further change.