Reports show that the sales of legal marijuana are surpassing money spent on common items like toothpaste. The Marijuana Business Fact Book shows that the “total marijuana sales now exceed the NBA’s annual U.S. revenue and, by 2024, could surpass Americans’ annual spending on craft beer”. Industry insiders predict that retail sales of medical and recreational cannabis in the U.S. will top $15 billion by the end of the year and based on current projection the market hit $37 billion in the next three years. Looking at nationwide trends many experts believe revenue in newly legalized states such as Illinois and Michigan are going to grow quickly. However, another analyst point to market challenges in California as prime examples of current issues in the cannabis industry that could reduce retail growth.
– Washington Times. July 16th, 2020
Open article: https://www.washingtontimes.com/news/2020/jul/16/annual-sales-of-legal-marijuana-hit-13-billion-nat/