Do you spend more on cannabis or Starbucks coffee?

Speaking of greens, the mermaid has fallen out of the pecking order and is no longer the most popular green in all of America. According to the latest study conducted by MJBiz, legal cannabis sales in 2021 have surpassed Starbucks across America. In fact, by a significantly higher margin.

MJBiz, a website dedicated to cannabis research and businesses, examines the growth and expansion of the cannabis industry in America. Including its 2022 factbook, the site compares the cannabis industry to high-volume sectors such as opioids, cigarettes, salty snacks, OTC drugs and coffee (Starbucks).

MJBiz’s research found that OTC drugs and cigarettes generated annual sales of $36.5 billion and $52.8 billion, respectively, last year. Those numbers really surpassed legal cannabis sales, but the good news: For the first time, legal cannabis sales surpassed those of Starbucks. The study showed that legal cannabis sales exceeded Starbucks by $4 billion to $6 billion. In 2021, legal cannabis sales reached between $24 billion and $27 billion, while Starbucks sales in North America were estimated at around $20 billion in the same year

MJBiz’s research also found that the legal cannabis industry has outperformed Starbucks not only in terms of revenue but also in terms of overall growth. According to the report, Starbuck’s total annual sales in North America grew 25% in 2021. This begs the question of how much people will pay for Starbucks coffee and how they feel about the dangers of union organizing efforts across the country. However, legal cannabis sales saw 30% growth in 2021.

MJBiz noted in the article that this includes aggregate growth in just 39 states, including the District of Columbia. These states have at least some form of legalized cannabis, be it recreational or medicinal. Not included in the 39 states is Texas, which has not legalized cannabis to any significant extent. Even Oklahoma has at least legalized the medical use of cannabis. It may appear that Texas is conservative in its approach.

With the cannabis industry still in its early stages, we can expect cannabis sales to surpass Starbucks for the foreseeable future. The shift in the public’s view of marijuana use continues not to be positive for the herb. The huge untapped market in the cannabis industry is still waiting to be explored after full legalization.

As it stands, the 11 states where cannabis is NOT legal hold about 20% of the American population, and that’s a huge market waiting to be tapped. A successful attempt at legalization in these states will definitely serve as a boon for the entire industry. A growth that Starbucks can not only keep up with.

Sales of legal recreational cannabis to exceed $3.7 billion in 2021

The latest report on tax revenue generated from legal adult cannabis use was released in April by the Marijuana Policy Project. The publication provides the latest update on tax revenue from legal recreational cannabis use in 2021.

The report revealed that legalized states generated over $3.5 billion in cannabis tax revenue from recreational cannabis sales in 2021 alone. This new level of cannabis tax revenue is expected to be 34% higher than last year (2020). As of March 2022, legalized states have reported tax revenues of more than $11 billion on legalized recreational cannabis sales. since 2014. This is the year sales began in Washington and Colorado states.

According to forecasts and predictions, global cannabis sales are projected to surpass $35 billion in 2022. That’s said to represent an increase of about 22% from its total revenue of $29 billion in 2021. This forecast was made by BDSA Banking in its latest Rolling Market Update for the last five years. BDSA also projected that global marijuana sales will surpass $61 billion by 2026, at a compound annual growth rate of over 16%.

After the Marijuana Policy Project released the report, Toi Hutchinson, the organization’s CEO and president, issued a follow-up statement. He acknowledged that the report provides further evidence that ending marijuana prohibition is bringing remarkable financial wealth to state governments. He went on to say that the regulation and organization of recreational cannabis has generated billions of dollars in tax revenues at the state level.

Aside from the financial benefits, the legal sale of cannabis has also created thousands of jobs across the country. Thanks to these legal cannabis sales, vital programs and services can also get the funding they need. Hutchinson also pointed out that while legalized states continue to carry out exploits, the states that lag behind waste limited government resources. He claimed these resources, rather than using them to promote cannabis legalization as used to enforce archaic marijuana laws. And these laws do more harm than good to the citizens of the non-legalized states.

In states where the sale of cannabis for adult use is legal, tax revenues are used for various social programs and services. These include funding for early literacy, education, drug and alcohol treatment, public libraries, veteran services, school restrictions, job training, conservation, and spending related to overturning convictions. Most importantly, this revenue will also flow and be invested in communities that have been severely impacted by the War on Drugs and Cannabis.

Conclusion

Currently, 18 states have enacted laws governing, regulating and taxing the sale of cannabis to adults over the age of 21. About 8 of those laws were enacted just last year and in 2022, but in six of those states, legal cannabis sales and tax collection have yet to begin. With the spread of the gospel of cannabis exploits, more states are now gathering momentum to legalize cannabis for adult use in 2022. Some of these states are Missouri, Maryland, Rhode Island, South Dakota and Ohio. Stay tuned!

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