By 2025, the Estimated Marijuana Retail Sales May Generate up to 15 Billion U.S. Dollars in Sales
The U.S. medical marijuana retail sales are expected to increase in the coming years. By 2025, the estimated marijuana retail sales may generate up to 15 billion U.S. dollars in sales. Retail sales of medical marijuana have increased substantially and are expected to more than double in the given period. Some recent research indicates that the tax revenues from marijuana sales will be highly beneficial to state and local budgets.
In total there are 37 U.S. states that have legalized marijuana for medical uses, while 21 states have legalized recreational marijuana usage. Current estimates indicate that California and Maine have the largest share of medical marijuana users among U.S. states. There are many types and forms of marijuana that can be consumed. According to a recent survey, the most popular form of marijuana consumed by U.S. adults was flower, followed by edibles. A similar survey identified the most common sources for marijuana procurement among U.S. adults. According to the results, the top three distribution channels for marijuana were recreational facilities, friends and medical dispensaries.
Medical marijuana dispensaries
Annual revenues of medical marijuana dispensaries vary across the United States. Recent reports indicated that Arizona, followed by Maine, had the highest revenues from medical marijuana sales. Despite having the highest revenues, those states did not have the largest number of dispensaries in recent years. Colorado, Ohio and Oregon were the top three states with the largest number of medical marijuana dispensaries open in recent years.
Among marijuana companies that trade on major exchanges, Curaleaf and Tilray, a U.S. and a Canadian company, respectively, are the top two marijuana companies based on their market capitalization. As of begin of 2023, Curaleaf had a market capitalization of some 2.6 billion U.S. dollars.
The legal marijuana industry
U.S. sales of legal cannabis have increased significantly in recent years. The increase in sales of legal cannabis can, among others, be attributed to the legalization of recreational cannabis in California (2018) and other U.S. states.
Marijuana has many uses among consumers. A recent survey among U.S. residents indicated that among those that consume cannabis, the primary reason for consumption was relaxation, followed by stress relief. Marijuana can be consumed in a variety of forms including flower, edibles, concentrates and pills, to name a few. The most favored form of cannabis among U.S. consumers is flower. Despite its popularity, all forms of cannabis remain illegal under U.S. federal law. However, over time the U.S. population has warmed up to the thought of legalizing marijuana. A survey conducted in October 2021 suggests that more than two thirds of U.S. adults think that marijuana should be made legal.
Sales of CBD products in the United States stood at 4.17 billion U.S. dollars in 2022. By 2026, this market is expected to grow to 4.23 billion dollars in value.