Below is a brief excerpt from a complimentary research note written by our Cannabis analysts Howard Penney and Daniel Biolsi. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
2020 was a banner year for cannabis sales. Even markets considered to be mature like Colorado and Oregon had healthy growth rates during the pandemic.
In emerging states like Illinois and Ohio, sales reached new highs, as seen in the chart below.
California’s legal market reached $4.4B, up 57% from $2.8B in 2019. Colorado sales surpassed $2B even though December had not been reported yet compared to $1.7B in 2019.
Washington State (2nd oldest legal state) reached $1.4B, up 27% from 2019. In its first year of legal sales, Illinois reached $1B. Massachusetts nearly reached $700M, up 56% from 2019, despite adult-use stores' closure in the spring.
The Marijuana Business Factbook forecast U.S. sales would reach $10.6 to $13 billion in 2019 and $18 to $21.6 billion in 2020.
There were several growth drivers in 2020, including government stimulus funds, higher unemployment checks, and fewer spending occasions with restrictions that will be difficult to disaggregate from the underlying demand growth.