U.S. Cannabis Sales Set to Climb 40% This Year

Sales of medical and recreational marijuana are expected to hit $15.5 billion to $18.9 billion by the end of the year — a 40% increase over 2019. That’s according to the 2020 edition of the Marijuana Business Factbook, available here and discussed by Marijuana Business Daily. By 2023, that number could rise to $37 billion.

California’s market generated nearly $3 billion last year. Though revenue was still below expectations, it outpaced the yields in Colorado and Washington.

One driving force behind the 2020 uptick is a plethora of new cannabis markets. Think Florida and Oklahoma (medical) and Michigan and Illinois (recreational).

Analysts are still waiting to see how the industry is ultimately impacted by coronavirus.



Wednesday, July 22, 2020 - 05:21

Businesses that offer retail space, advertising services or other assistance to illicit cannabis operators could face fines of up to $30,000 a day under a bill winding its way through the Californi