USA – Legal cannabis sales in the United States have surged, reaching new heights and surpassing other popular consumer products such as chocolate, craft beer, and topical pain relief.
A recent report from MJBizDaily revealed that Americans spent approximately $30 billion on legal marijuana in 2022, while chocolate sales totalled around $20 billion.
The growing popularity of cannabis has led to a notable shift in consumer preferences. “The cannabis purchases eclipsed sales of ‘feel-good’ products, including beer, opioid medications and topical pain relief,” the report highlighted.
Despite this increase in sales, legal marijuana still falls behind the tobacco industry, which made around $53 billion last year despite a steady decline.
The report also projected that legal cannabis sales could reach a staggering $57 billion by 2028. This comes more than a decade after Colorado and Washington became the first U.S. states to legalize marijuana through ballot measures during the 2012 election.
Currently, marijuana is fully legalised in over 20 states, Washington D.C., and is allowed for medical use in 18 states.
However, it remains illegal in 12 states. Despite the growing number of states legalising marijuana, illegal sales still dominate the market.
Whitney Economics estimates that three-quarters of marijuana sales in the U.S. still occur on the black market.
Legal dispensaries also face challenging business practices due to strict federal regulations, which bar them from working with banks and credit card companies to facilitate transactions. As a result, these businesses must operate as all-cash enterprises.
Nevertheless, there is a bipartisan effort underway at the US Congress to legalise recreational marijuana at the federal level, which could potentially alleviate some of the current challenges faced by legal dispensaries and further boost the industry.
