Across the US, cannabis sales are now outpacing the revenue generated by the NBA
Just by looking at how the cannabis industry has grown across legal US markets; it is easy to predict that this industry is bound to become massive in the next few years. Data from 2019 shows some interesting comparations that put the cannabis market right next to other products that have high sales, like sleep aids, hard seltzer and toothpaste, but all combined. Moreover, with a revenue of $10.6 billion-$13 billion in 2019, total marijuana sales also surpassed the revenue perceived by the National Basketball Association (NBA) revenue and put it to shame.
According to the data published in the 2020 edition of the Marijuana Business Factbook, it is estimated that, by 2024, the overall revenue of the cannabis industry could be more than what Americans spend on craft beer. The truth is that the US cannabis industry is already a major force in the country, although it is also true that it hasn’t yet reached its full potential. For the cannabis industry, new medical marijuana programs have reported sharp sales and also, legal recreational markets continue to flourish, which are expected to bring in most of the revenue for the industry – and its growth – in future years.
For instance, new medical marijuana markets in Florida, Maryland, Oklahoma and Pennsylvania are booming and cannabis companies are thriving due to this. On the other hand, states that have started new legal adult-sales operations are seeing even more revenue coming in, including Illinois, Massachusetts and Michigan. In both Florida and Oklahoma, medical marijuana sales are expected to surpass $1 billion each by 2021 and place them as the fastest-growing markets in the US.