United States: legal cannabis sales expected to exceed 15 billion $ in 2020

Legal sales of medical and adult-use cannabis in the U.S. are expected to exceed 15 billion $ by the end of 2020, according to MjBizDaily, an increase of almost 40% over last year. By 2023, sales could reach 37 billion $.

Several factors explain this year's growth. On the one hand, the coronavirus pandemic that boosted sales in each of the US states where it is legal. The U.S. government's stimulus programs, notably the 600$ per week granted to the unemployed, would also have benefited cannabis. But even with the unprecedented circumstances of 2020, «the long-term potential of the cannabis industry remains intact», according to the report, which states that demand is growing as consumers move from the illegal to the legal market.

On the other hand, new cannabis markets have opened up, such as Florida, Maryland, Oklahoma and Pennsylvania. In Oklahoma alone, over 8% of the state's entire adult population is registered to legally consume medical cannabis. As a result, Oklahoma is expected to surpass $1 billion in cannabis sales by 2021, as is Florida.

Sales in Illinois and Michigan, both of which have recently legalized cannabis, are slowly increasing. Both states are expected to generate over $2 billion in cannabis sales by 2024.

The only oddity is California. Despite the market's enormous potential, high taxes, convoluted licensing framework and over-regulation prevent the legal industry from really taking off and attack the black market head-on. Despite this, California generated $3 billion in legal sales last year, a figure that is set to rise as companies come to grips with regulations and adapt to changing market dynamics.