U.S. Legal Cannabis Market Projected to Double to $41.5B by 2025
December 9, 20202020 Vision: Reviewing Major Trends for Legal Cannabis
December 14, 2020U.S. Legal Cannabis Market Projected to Double to $41.5B by 2025
December 9, 20202020 Vision: Reviewing Major Trends for Legal Cannabis
December 14, 2020
- Several overarching trends from 2020 bode positively for the legal cannabis industry in 2021 and going forward.
- Gallup’s latest national poll found that Americans in 2020 are likelier than ever before (68%) to support the legalization of marijuana in the U.S.
- In the fall elections, five new states mandated new legalization programs, including traditionally conservative stalwarts Mississippi and South Dakota.
- The COVID-19 pandemic fueled record-shattering demand (with retail sales up to 35% above forecast), and led to cannabis businesses being declared “essential” in virtually every U.S. legal market.
- For the first time, consumers more often preferred edibles to flower-only joints, underscoring market diversification.
- Within two years, Oklahoma’s medical cannabis market reached the highest patient saturation rate (9%) of any state in the U.S., more than 2x any other state medical-use market.
