The US cannabis market continues to gain strength year after year
According to a new report, it seems that 2020 was a great year for legal US cannabis sales since the numbers skyrocketed, reaching 46% growth. BDSA, a Colorado-based cannabis research firm, ran a report and announced that US marijuana sales topped $17.5 billion last year, leaving behind the amount of $12.1 billion seen in 2019. Growth of 48% was achieved worldwide, ending in approximately $21.3 billion in sales.
Established adult-use markets such as Colorado and California had a lot to do with the increased sales in the US. They both combined managed to get more than $1 billion worth of growth, considering it a big portion of the total achieved. Colorado saw growth of 26% in cannabis sales last year as the market topped $2.1 billion.
On the other hand, in Illinois, a state that recently added adult-use sales, dispensaries grew their sales by around $784 million, according to BDSA. In Oklahoma and Florida, medical marijuana sales grew by $400 million and $473 million, respectively, last year. Meanwhile, Oregon markets weren’t left behind since the state’s recreation cannabis sales increased a total of 39% to more than $1.1 billion.
In the US, there are 15 states that have already approved cannabis legislation, but that figure could increase if Virginia Governor Ralph Northam signs the legislation that was recently passed by lawmakers. 36 states in total currently have medical cannabis programs. Around three million new consumers of legal cannabis are being expected by BDSA this year, a figure that will certainly keep increasing as more states declare this legislation legal.