Since U.S. pandemic-related lockdowns began last March, legal cannabis sales nationwide have skyrocketed, with sustained sales growth through Q3-2020.
On Election Day, five U.S. states passed a total of six ballot initiatives for legalized cannabis programs; four (Arizona, New Jersey, Montana, and South Dakota) adopted adult-use measures, while Mississippi and South Dakota each legalized medical cannabis.
In a first, South Dakota simultaneously mandated both recreational and medical programs for cannabis.
New Jersey’s adult-use legalization will be catalytic for expansion and normalization of legal cannabis throughout the Northeast and East Coast.
Now, approximately 234 million Americans — about 70% of the populace — respectively live in a state with (or soon realized) access to legal cannabis either for medical or adult use.
New Frontier Data estimates total 2020 U.S. legal cannabis sales to exceed $20 billion, with post-election expansion and existing state markets to combine for a projected compound annual growth rate (CAGR) of 21%, to reach $41.5 billion by 2025.
