The 2021 Marijuana Business Factbook, one of the most comprehensive cannabis market research tools, has tracked the trajectory and projected profits from the US medical and recreational cannabis industries in the coming five years. The most recent reports should leave industry professionals confident that they will see continued growth until at least 2025, according to a news brief in Marijuana Business Daily.
The Factbook includes data on cannabis sales from the 2020 fiscal year, estimates of the industry’s impact on the US economy, comparisons of the cannabis industry and its economic output as compared to other industries, among other facts and figures relevant to a variety of cannabis industry professionals.
According to their analytics and reports, cannabis sales in the US should amount to roughly $22-26.4 billion within the fiscal year of 2021. Furthermore, total annual sales from both the medical and recreational marijuana markets are set to reach between $38.8 billion and $45.9 billion by the year 2025, outpacing craft beer, NFL, and global opioids market sales in the year 2020.
Cannabis Sales Expected to Increase After a Successful 2020
2020 was demonstrably a successful year for the marijuana industry, both in the recreational and medical sectors. Cannabis sales amounted to between $16.9 and $20 billion in the year 2020.
Among the many findings in the Factbook, 100% of investors believed that the cannabis industry is set to do better in 2021 than in 2020.
Jenel Stelton-Holtmeier, editor of the Marijuana Business Factbook, stated in regards to the cannabis industry statistics of 2020: “2020 was an important year in cannabis. Many marijuana businesses were declared essential during the pandemic, and more states legalized cannabis markets. 2021 will see more states join in, and their programs are getting started faster than we’ve previously seen.”
Other Observations From Industry Experts
Along with the success of the cannabis industry in the year 2020, the experts consulted for the Factbook have provided other observations regarding the direction of the cannabis industry.
Among their observations, by the end of 2021, the cannabis industry will have provided 400,000 new jobs nationwide. Furthermore, once New York’s cannabis industry has been officially launched, it is estimated that its annual sales revenue will reach $2.5 billion by the end of the fiscal year of 2025.
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