The coronavirus was good for some industries and ruinous for others. For cannabis, 2020 was a breakout year. Legal sales across the U.S.—14 states allow adult use, 36 allow for medical sales—hit a record of $17.5 billion, a 46% increase from 2019, according to a new report.
Most of the sales growth came from adult-use markets, especially mature markets like Colorado, which grew sales by 26% to reach $2.2 billion, and Oregon, which saw sales hit $1.1 billion, a 29% increase over 2019, according to the report published by BDSA, a cannabis sales data platform.
Emerging markets like Illinois, which expanded its medical cannabis market to include adult-use sales last year, saw the largest dollar gain in 2020, rising by $784 million. (Illinois’ cannabis market is now doing over $1 billion in sales.) California, the country’s largest cannabis economy at $3.5 billion, increased sales by $586 million, while Florida saw a $473 million increase.
Read the full profile on Forbes: https://www.forbes.com/sites/willyakowicz/2021/03/03/us-cannabis-sales-hit-record-175-billion-as-americans-consume-more-marijuana-than-ever-before/?sh=65aca5b82bcf
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Stay Connected
Forbes newsletters: https://newsletters.editorial.forbes.com
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
Source