Some of the most frequently purchased products in the United States include toothpaste, hard seltzer and sleep aids.  However, cannabis – a new product that has gone mainstream over the last couple of years – seems to be raking in more revenue for the United States’ economy than the aforementioned categories.

This is based on a 2020 report that was featured in the Marijuana Business Factbook, which confirmed that sales of legal adult-use and medical cannabis in the U.S amounted to somewhere in the range of $10.6 billion-$13 billion last year; outpacing some of the most lucrative markets.

Putting things into perspective, the legal cannabis market is even dominating annual U.S. revenue recorded by the National Basketball Association (NBA). ? Analysts are confident that, if things continue to progress as they have been, cannabis revenue may far outweigh American consumer expenditure on craft beer by 2024.

Recreational and medical cannabis programs in the U.S. will stimulate industry growth

The analysts responsible for delivering insights into the U.S. cannabis market say that skyrocketing sales revenue in medical cannabis programs, combined with ever-strengthening recreational cannabis programs, will likely power the industry for years to come. 

Some medical cannabis markets that were highlighted in the 2020 edition of the Marijuana Business Factbook included Florida, Maryland, Oklahoma and Pennsylvania. These markets in particular are experiencing rapid growth. It is interesting to note that, in states like Illinois, Massachusetts and Michigan that have recently enacted adult-use sales, revenue is making up for any lost medical cannabis revenue.

A colossal $1 billion is expected to be earned through Florida’s and Oklahoma’s medical cannabis sectors next year, suggesting that these markets are some of the most lucrative across the entire of the U.S. On the adult-use spectrum, mature markets are consistently strong, whereas recently-launched markets in places like Illinois and Michigan are anticipated to maintain growth moving forward.

Analysts also noted that U.S. cannabis sales revenue is likely to continue shifting north if certain states introduce recreational cannabis voting measures on their ballot initiatives come November. Some examples include Arizona and New Jersey.

Coronavirus pandemic could negatively impact U.S. cannabis retail sales predictions 

In spite of the Marijuana Business Factbook’s estimates for U.S. cannabis sales revenue growth, the coronavirus (COVID-19) pandemic cannot be ignored. Projections could be dampened by the coronavirus pandemic, which has resulted in the closure of pot shops across various U.S. states.

This contagious virus left many people confined to their own homes until they got the green light that it was/is safe to go about their daily lives as normal. With that being said, consumers have found it difficult to embark on dispensary shopping trips and therefore business owners have turned to alternative methods of service, e.g. delivery and pick-up options. 

Although sales have fared well in most major markets since COVID-19 struck at the beginning of the year, there is no way to say whether or not this will be the case in future months. On the other hand, consumer expenditure hasn’t dwindled completely. Employed U.S. residents have been on the receiving end of an extra $600 weekly in unemployment benefits; as part of the federal stimulus funding package.

Business owners and investors who wish to keep a keen eye on the ever-changing rate of U.S. cannabis sales revenue growth can purchase the 8th Edition Factbook – brimming with charts and analysis – in full. Alternatively, it is possible to select individual sections of the book for a pin-pointed analysis of what’s around the corner.