Americans will buy more weed than Starbucks coffee in 2021
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Legal cannabis sales in the United States dwarfed Starbucks Corporation sales, reported MJBizDaily, citing the 2022 MJBiz Factbook. The development comes even though coffee is legal in all 50 states.
The cannabis industry saw a 30% increase in sales in 2021. Starbucks’ annual sales in North America rose 25%.
Photo by Omar Lopez via Unsplash
Sales of legal recreational and medicinal cannabis ranged from $24.5 billion to $27 billion in 2021, while Starbucks posted $20.5 billion in sales, the report said.
By comparison, sales of over-the-counter sleep aids — a commonly cited reason for cannabis use — grew less than 1% and sales of pain relievers rose 5% in 2021, the report said.
Sales of legal cannabis for adult use will exceed US$3.7 billion in 2021
In April, the Marijuana Policy Project released an updated report on tax revenue from federally legal cannabis for adult use, which includes totals for the whole of 2021.
In 2021 alone, legalized states generated more than $3.7 billion in cannabis tax revenue from sales for adult use, a 34% increase in revenue over 2020.
In March 2022, the states reported tax revenues totaling $11.2 billion from legal adult cannabis sales since 2014, when sales began in Colorado and Washington state.
RELATED: Cannabis sales are expected to soar in 2022
Global cannabis sales for 2022 will reach just over $35 billion, a jump of about 22% from 2021 sales of $29 billion, according to BDSA’s latest updated rolling five-year market forecast. BDSA forecasts that global cannabis sales will surpass $61 billion by 2026, at a compound annual growth rate of more than 16%.
This article originally appeared on Benzinga and has been republished with permission.
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