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Total U.S. sales could rise as high as $37 billion by 2023, Marijuana Business Daily data finds. Meanwhile, the coronavirus pandemic has thrown a huge curveball at projections.
Consumers are making the best argument that legal marijuana can help reignite the economy by purchasing cannabis products in record numbers across the country.
The state made $172 million in excise tax, sales tax, and licensing fees from cannabis in the 2019 fiscal year, Nevada's Dispensary Association reports.
Illinois and Michigan have seen rising cannabis sales. Meanwhile, in Massachusetts, recreational dispensaries were not deemed "essential" and still face an uncertain timeline for reopening.
"We've seen a pretty dramatic increase in our online transaction volume," said Adam Grossman, CEO and founder of Papa & Barkley.
Cannabis, an essential good in many legal markets, saw up to 63 percent sales increases the day the stimulus check arrived.
Americans have included marijuana and liquor as an essential good to have during the coronavirus outbreak.
Recreational marijuana sales in Colorado were up 16 percent in 2019.
The losses in possible sales due to marijuana product shortages is easily in the millions of dollars, one expert estimated.
Thanks to legalization and the ability to consume discretely by vaping or snacking on edibles, ever more adults are using cannabis.
The staid, old vending machine concept is getting baked. Where? Dude, we're talking Colorado, bro, where it's legal to get stoned.