U.S. Cannabis Sales Topped $17 Billion In 2020, New Report ShowsMarch 9, 2021
Legal cannabis sales soared by 48% last year, reaching $21.3 billion globally, according to a new report from Boulder, Colorado-based firm BDSA, with the U.S. accounting for the lion’s share of the total at $17.6 billion. BDSA projects that global sales will reach $55.9 billion by 2026, averaging steady incremental growth of $6 billion annually.
Over the next couple of years, BDSA expects California, New York, New Jersey, Florida, Ohio, Maryland, Nevada, Massachusetts, Missouri, and Arizona to provide the highest contributions to growth to bring the U.S. from a $17.6 billion legal system to a projected $41.2 billion in 2026.
Arizona, California, Colorado, Illinois, Maryland, Massachusetts, Nevada, and Oregon have all been contributing gains in recent months, with each of those states seeing a boost in sales in the second half of 2020. BDSA says New Jersey’s recent legalization has the potential to be a game-changer in the Northeast, where the governors of Pennsylvania, New Jersey, New York, and Connecticut have all pledged to work together to coordinate cannabis policy across the densely populated region. A similar bloc could form in the West across California, Washington, Oregon, and Nevada to enable interstate commerce even absent federal legalization, which BDSA expects will happen next year.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
Tagged : cannabis