The U.S. recreational and medical marijuana markets are on a trajectory to reach up to $45.9 billion in annual sales by 2025, or as much as twice the level of sales projected for this year, according to the newly released 2021 Marijuana Business Factbook.
U.S. adult-use and medical cannabis sales in 2021 are expected to reach $22 billion-$26.4 billion.
The new Factbook, available now, examines in detail the impacts from new markets, ongoing legalization across the United States and the coronavirus pandemic.
The latest edition includes 41 charts and a state-by-state overview of regulations, taxes, market conditions and what to watch for.
“2020 was an important year in cannabis,” Marijuana Business Factbook Editor Jenel Stelton-Holtmeier said. “Many marijuana businesses were declared essential during the pandemic, and more states legalized cannabis markets. 2021 will see more states join in, and their programs are getting started faster than we’ve previously seen.”
“There is no doubt that marijuana is big business,” added Chris Walsh, CEO of MJBizDaily.
“There is clear momentum for exponential growth, with New York and other states with dense populations starting legal sales.”
The ninth annual Factbook includes these key findings:
- 100% of investors expect the industry to do better in 2021 than in 2020.
- The cannabis industry will offer more than 400,000 full-time jobs in 2021.
- An adult-use market in New York, the country’s financial hub, is expected to launch next year and reach annual sales of $2.5 billion by year five.
MJBizDaily’s annual Marijuana Business Factbook also provides these exclusive cannabis insights for investors, entrepreneurs and business owners:
- Estimates of the U.S. cannabis industry’s total economic impact.
- Comparisons of cannabis sales to those in other industries.
- Annual revenue and operating costs for indoor cultivators.
- Fastest-growing adult-use edibles and topicals.
- 2020 revenue for cannabis retailers.
- Global investment activity in the cannabis industry by company type and year.
For more information about the latest Marijuana Business Factbook or to download a copy, click here.