Americans spent more than $12 billion on legal cannabis products in the first six months of 2021, according to data analyzed by Leafly and Whitney Economics.

That’s nearly as much as Americans spent on milk in all of 2020. According to the Dairy Farmers of America, consumers spent roughly $12.6 billion on milk last year.

Cannabis sales topped $18 billion in 2020. The six-month trend in 2021 puts the industry on pace to reach $25 billion to $26 billion in sales by the end of the year. That would represent a year-over-year revenue increase of roughly 35%.

That growth would continue the cannabis industry’s position as the nation’s fastest-growing industry. In 2020, sales revenue increased roughly 60% over 2019, driven by increased buying during the coronavirus pandemic.

Leafly and Whitney Economics project sales of $25 billion in 2021, based on first-half data.

Some mid-year highlights:

  • Mid-year revenues are approaching $12.5 billion (medical and adult-use combined) after first-quarter revenues were $5.8 – $5.9 billion.
  • With second-quarter revenues forecasted to be in the range of $6.2 – $6.5 billion, the U.S. legal cannabis market is gaining momentum for a strong back half of the year.
  • Based on the latest sales data, Whitney Economics increased its 2021 forecast from $22.2 billion to $25.0 billion, and increased its 2025 forecast to $44.9 billion

Massachusetts on pace to top $1 billion in 2021

In Massachusetts, legal cannabis sales are on pace to reach $1.2 billion in 2021, which would be roughly a 70% gain over 2020. That state’s adult-use stores opened in Nov. 2018. Since then, Massachusetts retailers have sold more than $1.8 billion in cannabis products.

Michigan sales pick up

Revenue in Michigan enjoyed a big bump as winter gave way to spring, with monthly sales of roughly $100 million increasing to the $150 million range in March and April. If that trend holds, Michigan’s 2021 sales would touch $1.6 billion, a 65% increase over 2020 sales.

Illinois growing a bit slower

Illinois is also trending toward annual sales of $1.2 billion in 2021, which would be a 20% increase over 2020. The state’s rollout of retail cannabis stores has been delayed by political battles over licensing and equity.

Full information about legal cannabis sales and cannabis jobs is available in the Leafly 2021 Jobs Report, produced in partnership with Whitney Economics.

Bruce Barcott's Bio Image

Bruce Barcott

Leafly Senior Editor Bruce Barcott oversees news, investigations, and feature projects. He is a Guggenheim Fellow and author of Weed the People: The Future of Legal Marijuana in America.

View Bruce Barcott’s articles

Source link

Greek Style Ganja Dinner

Greek Style Ganja Dinner

Abdullah and the team work with chef Cat Cora at the Bong Appetit house to prepare a cannabis-infused Greek dinner. Kenny Scharf and Xzibit come to dinner. source

MediGreens Cbd Gummies | Take relaxation to a whole new level.

MediGreens Cbd Gummies | Take relaxation to a whole new level.

MediGreens CBD Gummies : Reviews, Works, Price, Benefits, Ingredients, Original, Buy !! Click on Link to Buy - MediGreens CBD Gummies Reviews is a standout amongst other dynamic mixtures and furthermore...

Michael DeLeon   #1 Drug Educator in the US

Michael DeLeon #1 Drug Educator in the US

Michael R. DeLeon, a successfully acclimated ex-offender who after nearly 8 years of drug addiction and gang involvement, spent 12 years in state prison and half-way houses for a gang-related homicide. Michael plead guilty in a very emotional and complicated case...

Anthony Esolen On Lamenting Modernity

Anthony Esolen On Lamenting Modernity

Anthony Esolen explains the basis of his writings being an observation of the dissolving of culture in the United States. Watch the FULL episode: ... source

Apple Ring Flavor Diamond CBD Oil – Diamond CBD Review!

Apple Ring Flavor Diamond CBD Oil – Diamond CBD Review!

Apple Ring Flavor Diamond CBD Oil - - Looking for the top CBD oil products? From CBD oil and CBD edibles to CBD vape oils and CBD creams, Diamond CBD offers a huge series of the highest quality and most relied on CBD products in the USA....