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.