California Cannabis Sales Gather Momentum

• In calendar 2019, legal sales of adult-use cannabis in California topped $2.8 billion.
• After statewide Q1-19 tax receipts of $508 million fell far short of expectations, the state’s projections were revised downward to reflect its difficulty both in limiting illicit market operators and converting adult-use consumers to the legal market.
• Subsequently, the following 2019 quarters posted stronger results, with Q4-19 sales totaling $808 million, up 59% from Q1-19.
• California’s legal adult-use sales are expected to reach $3.5 billion throughout calendar 2020, growing to a projected $5 billion (about 43%) by 2025.

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