Marijuana sales could surpass $1 billion in the state of Massachusetts by the year 2020 — if the state chooses to legalize weed for recreational purposes in the fall, that is. A new study by ArcView Market Research, a marijuana data group, and New Frontier, an industry reporting authority on cannabis, indicates enormous implications for state tax revenue, should Massachusetts choose to regulate and tax the drug.
According to the research, the state's total cannabis market would amass $1.17 billion in revenue by 2020, the Boston Globe reported Sunday. Researchers note the bulk of this explosive growth in revenue would primarily come from "adult-use" recreational marijuana, which could reach $300 million in revenue in 2018.
Two years later, that figure would more than triple, reaching over $900 million. Add to that the state's continued revenue gains from medicinal marijuana and, voila, Massachusetts becomes the home of a billion-dollar pot industry.
Check out some of the numbers detailed by the study below:
Massachusetts medical marijuana market in 2015: $7.9 million
Expected Massachusetts medical marijuana market in 2016: $78.7 million
Expected Massachusetts medical marijuana market in 2020: At least $240 million
See inside medical and recreational marijuana dispensaries around the country:
Legal marijuana sales, dispensaries around the US, recreational and medical
Marijuana legalization in Massachusetts could rake in a whopping $1 billion in 4 years
The dispensary area at Columbia Care, one of New York City's first medicinal marijuana dispensaries, is seen, Wednesday, Jan. 6, 2016, in New York. New Yorkers with cancer, AIDS, Parkinson's disease or other qualifying conditions will be able to obtain medical marijuana as early as Thursday, 18 months after lawmakers passed what is considered one of the strictest medical cannabis programs in the nation. (AP Photo/Mary Altaffer)
In this Tuesday, Oct. 20, 2015 photo, cookbooks for use with marijuana are available inside of Salveo Health and Wellness, a licensed medical cannabis dispensary, in Canton, Ill. (AP Photo/Seth Perlman)
A sample of cannabis is shown in a sniffer at Shango Premium Cannabis, in Portland , Ore., Thursday, Oct. 1, 2015. Oregon marijuana stores have begun sales to recreational users, marking a big day for the budding pot industry in the state. Some of the more than 250 dispensaries in Oregon that already offer medical marijuana opened their doors early Thursday to begin selling the drug just moments after it became legal to do so. (AP Photo/Timothy J. Gonzalez)
NEW YORK, NY - JANUARY 07: A man leaves Columbia Care, the first medical marijuana dispensary in New York City on January 7, 2016 in New York City. The law allowing medical marijuana was signed by Governor Andrew Cuomo in 2014; the law stipulates that the legal marijuana may not be ingested by smoking it. (Photo by Andrew Burton/Getty Images)
Corey Young, a founder of courier service CannaRabbit LLC, picks up a delivery of marijuana from a dispensary as part of a wholesale transfer in Denver, Colorado, U.S., on Friday, March 27, 2015. CannaRabbit and peers are rushing in as regional truckers and nationwide haulers United Parcel Service Inc. and FedEx Corp. steer clear of transporting marijuana on concerns over the lack of nationwide clearance of a practice that is still illegal in most states. Photographer: Matthew Staver/Bloomberg via Getty Images
WASHINGTON, DC - MARCH 8: Takoma Wellness Center is a family run medical marijuana dispensary in Washington, DC. Employee, David Malpica, sets up the dispensary room before business hours on Sunday, March 8, 2015. (Sarah L. Voisin/The Washington Post via Getty Images)
Marijuana sits on a counter after being delivered to a dispensary by the courier service CannaRabbit LLC in Louisville, Colorado, U.S., on Friday, March 27, 2015. CannaRabbit and peers are rushing in as regional truckers and nationwide haulers United Parcel Service Inc. and FedEx Corp. steer clear of transporting marijuana on concerns over the lack of nationwide clearance of a practice that is still illegal in most states. Photographer: Matthew Staver/Bloomberg via Getty Images
LOS ANGELES, CA JULY 05, 2014 --- Shoppers lined up at one of many pot vendors stall at cannabis farmers market organized by California Heritage Market at West Coast Collective, a marijuana dispensary in Boyle Heights. (Photo by Irfan Khan/Los Angeles Times via Getty Images)
Vendors and growers prepare their displays for card-carrying medical marijuana patients attending Los Angeles' first-ever cannabis farmer's market at the West Coast Collective medical marijuana dispensary, on the fourth of July, or Independence Day, in Los Angeles, California on July 4, 2014 where organizer's of the 3-day event plan to showcase high quality cannabis from growers and vendors throughout the state. AFP PHOTO/Frederic J. BROWN (Photo credit should read FREDERIC J. BROWN/AFP/Getty Images)
Containers of the medical marijuana product known as 'Wax' are displayed at Los Angeles' first-ever cannabis farmer's market at the West Coast Collective medical marijuana dispensary, on the fourth of July, or Independence Day, in Los Angeles, California on July 4, 2014 where organizer's of the 3-day event plan to showcase high quality cannabis from growers and vendors throughout the state. AFP PHOTO/Frederic J. BROWN (Photo credit should read FREDERIC J. BROWN/AFP/Getty Images)
Customers wait in line early in the morning at Amazon Organics, a pot dispensary in Eugene, Ore., to purchase recreational marijuana on Thursday, Oct. 1, 2015. Oregon marijuana shops began selling marijuana Thursday for the first time to recreational users who are at least 21 years old, marking a big day for the budding pot industry. (AP Photo/Ryan Kang)
In this Oct. 20, 2015 photo, Shamay Flaharty, of Lewiston, Ill., who has multiple sclerosis and is hoping cannabis will help ease her pain and headaches, leaves with Eric Sweatt, partner and manager of Salveo Health and Wellness, a licensed medical cannabis dispensary, in Canton, Ill. Illinois will begin its first medical marijuana sales within the next two weeks. (AP Photo/Seth Perlman)
In this Wednesday, July 29, 2015 photo A.J. Lessa, of Cumberland, R.I., a patient advisor at the Thomas C. Slater Compassion Center, arranges marijuana products in a display case at the center in Providence, R.I. Rhode Island officials say revenues from taxing and regulating medical marijuana have been lower than projected in the two years that dispensaries have been legal. (AP Photo/Steven Senne)
This photo taken March 28, 2014 shows Cherry City Compassion, a medical marijuana store in Salem, Ore. Until now, medical pot shops have operated in a gray area. That's changed under a law passed last year that legalizes medical marijuana dispensaries so long as they apply for and are granted a license. (AP Photo/Chad Garland)
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If the legislation, proposed by the Campaign to Regulate Marijuana Like Alcohol in Massachusetts, is included on the November ballots and approved by voters, marijuana would become legal for recreational consumption by anyone 21 and over in January 2018. ArcView and New Frontier suggested the market would explode soon thereafter:
Projected Massachusetts recreational marijuana market in 2018: Over $300 million
Projected Massachusetts recreational marijuana market in 2019: Over $600 million
Projected Massachusetts recreational marijuana market in 2020: $900 million
A billion-dollar pot industry in Massachusetts might sound like fantasy, but it's certainly not unrealistic: Colorado's recreational marijuana sales brought in nearly $1 billion last year, surpassing $996 million, the Cannabist reported in February.