The coronavirus ended up being best for some companies and ruinous for other people. Year for cannabis, 2020 was a breakout. Legal sales across the U.S.—15 states allow adult use, 35 allow for medical sales—hit a record of $17.5 billion, a 46% increase from 2019, according to a report that is new
Most of this product sales development originated in adult-use areas, specially mature areas like Colorado, which expanded product sales by 26% to attain $2.2 billion, and Oregon, which saw sales strike $1.1 billion, a 29% increase over 2019, in line with the report posted by BDSA, a cannabis sales information platform.
Emerging Markets like Illinois, which expanded its medical cannabis market to include adult-use sales last year, saw the dollar gain that is largest in 2020, rising by $784 million. (Illinois’ cannabis market is now doing over $1 billion in sales.) California, the national country’s largest cannabis economy at $3.5 billion, more sales by $586 million, while Florida saw a $473 million enhance.
“We anticipated more impact that is potential an economic downturn, but the industry has proven to be resilient,” says Kelly Nielsen, who runs BDSA’s insights and analytics department. “It’s potentially recession-proof.”
Nielsen says three things contributed to the industry’s growth year that is last the Covid-19 pandemic (numerous states considered dispensaries “essential organizations” during lockdown); more clients joined mature areas like Ca, Colorado and Oregon; and states like Illinois and Arizona have actually produced brand new adult-use areas. [Read more at Forbes]