According to the most recent available state cannabis revenue data, the U.S. cannabis industry made a total of $6.1 billion in sales for the year ending June 2020. However, the U.S. cannabis industry could wind up surpassing that number once all the states that have legalized marijuana use have reported their numbers.
Marijuana legalization has been a supernova since it was legalized for recreational use. In 2010, the federal government looked at the revenue data from Colorado and nearly doubled the amount of tax collected from the sale of recreational marijuana products. In 2018, the recreational marijuana market was between $6.9 and $8.8 billion.
It’s been four years since marijuana was legalized in California, and for many, it was the first time in their lives they’ve ever bought pot. With most states allowing medical and recreational marijuana sales, as well as a multitude of new pot companies opening up, the U.S. is now the largest legal cannabis market in the world.
U.S. marijuana sales reach record levels in 2020
The coronavirus pandemic has become an economic hurdle (if not a brick wall) for most North American businesses by 2020. But not for the recreational and medical cannabis industry. That year, those in quarantine drove cannabis sales to record levels. We’re about halfway through 2021, and the consensus is that this will be another banner year for marijuana companies. And this is just the beginning. Investors who haven’t yet invested in marijuana stocks will have a hard time staying away. Investing in so-called sin stocks may be a moral issue for some, but ignoring a sector that is expected to grow at a compound annual growth rate (CAGR) of 14.8% could be a mistake. (Source: Cannabis Market Outlook 2020 and 2021, BDSA, last accessed 4 June 2021). In 2019, legal marijuana sales in the U.S. will total $12.1 billion. This is a high number for an industry that is not even federally legal. But that’s nothing compared to record $17.5 billion in U.S. cannabis sales in 2020, during the most challenging economic climate in nearly 100 years. How did this happen? As a result of the coronavirus pandemic, much of the U.S. economy stalled in the second and third quarters of 2020. This does not apply to cannabis. More than a dozen states have declared marijuana dispensaries to be necessary businesses. For the legal cannabis industry, this was a boon. Along with the growing number of states legalizing medicinal and recreational cannabis, this has helped to increase marijuana sales by 46% in 2020 from the previous year. Global cannabis sales followed a similar trend, increasing by 45 percent. (Source: U.S. cannabis sales hit a record $17.5 billion as Americans consume more marijuana than ever before, Forbes, March 3, 2021) With nearly half of Americans vaccinated and the easing of COVID-19 restrictions, this record-breaking trend is expected to continue in 2021 and beyond. When the restaurants and bars reopen and life returns to normal, people go out again. It will likely be a summer of celebration and unprecedented marijuana sales – the new Roaring Twenties, if you will. Of course, not everyone will want to join the party. This has led some to speculate about the decline in cannabis supply sales, which boomed during the pandemic. So far, however, we have not seen this. With the growing acceptance of legal cannabis, many people like to relax with a joint, an edible product or a cannabis-infused drink. I’m expecting a package from Amazon.com, Inc. (NASDAQ:AMZN) or a bag of cannabis from their favorite dispensary, people appreciate the convenience of having what they want delivered at their convenience. In addition, cannabis orders in some parts of the country have increased by 25-30% on an annual basis. This has allowed forecasters to predict a significant increase in cannabis sales in the coming years. By 2025, legal marijuana sales in the United States are expected to reach $41.0 billion and $51.1 billion worldwide. In the United States, states that have not yet legalized medical and/or recreational cannabis are not counted. Texas, which has the second-largest overall market, and states like Georgia and North Carolina have untapped populations that could drive cannabis sales even higher. Additionally, the BDSA expects marijuana to be legalized across the country by 2022. If so, the summer of 2022 could well be another record-breaking summer.
Year after year, medical and recreational marijuana sales reach record levels. In 2020, while the global economy was hit by COVID-19, cannabis sales in the United States increased, with even growth in mature markets. All of this helps American cannabis companies generate revenue and profitability. And this growth is expected to continue for the foreseeable future, which is good news for investors in marijuana stocks.Legal cannabis sales in the United States hit a record $6.9 billion last year, according to data from the Arcview Market Research and BDS Analytics. But with recreational sales set to start in just a few months, that figure could rise to $25.6 billion by 2021. And if you’ve been keeping up with the news lately, you know that it’s not just the adult-use market that has been booming—it has been the medical market too.. Read more about average dispensary transaction and let us know what you think.
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