US retail marijuana sales on pace to rise 40% in 2020, near $37 billion by 2023
Retail sales of medical and recreational cannabis in the United States are on pace to eclipse $15 billion by the end of 2020, an increase of approximately 40% over 2019 sales figures, according to exclusive projections from the 2020 edition of the Marijuana Business Factbook.
Total U.S. sales could rise as high as $37 billion by 2023, according to exclusive projections from the latest Factbook, which was released Monday at MJBizConNEXT Direct.
The coronavirus pandemic, however, has thrown a huge curveball at projections.
To date, spending on adult-use cannabis in markets that aren’t tourist-driven has increased, as have sales in nearly every domestic MMJ market.
However, this increased level of spending comes as unemployed workers continue to receive an additional $600 per week in unemployment benefits. This additional assistance, however, is set to expire at the end of July.
It remains an open question how cannabis sales will fare if no – or limited – additional financial stimulus is provided to the tens of millions of unemployed U.S. residents.
Despite short-term uncertainty, the long-term potential of the cannabis industry remains intact.
Sharp sales increases in recently launched medical marijuana programs – as well as continued gains in adult-use markets – are expected to fuel much of the industry’s growth over the coming years.
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