Motley Fool report
America’s top-selling marijuana states in 2020
In June, the team of Arcview Market Research and BDS Analytics put out its latest annual report, “State of the Legal Cannabis Markets,” which made a number of assumptions and estimates on future growth in Canada, the U.S., and abroad. Though certain aspects of their assumptions have changed (which is to be expected of the nascent, but rapidly evolving, pot industry), the report from Arcview and BDS points to 10 U.S. states surpassing $500 million in full-year marijuana sales in 2020.
Listed in descending order, the top-selling cannabis states in 2020 are expected to be:
- California: $3.8 billion (recreational and medical mix)
- Colorado: $1.7 billion ($1.4 billion recreational, $0.3 billion medical)
- Michigan: $1.21 billion ($299 million recreational, $909 million medical)
- Florida: $1.2 billion (all medical)
- Washington: $1.1 billion (recreational and medical mix)
- Nevada: $960 million ($900 million recreational, $60 million medical)
- Oregon: $831 million ($796 million recreational, $35 million medical)
- Arizona: $804 million (all medical)
- Massachusetts: $682 million ($451 million recreational, $231 million medical)
- Illinois: $543 million ($270 million recreational, $273 million medical)
First off, you’ll note that the report expects California’s pot industry to register its first signs of true growth since 2017 this year. Despite its stagnant growth over the past two years, California remains the largest cannabis market in the U.S. by a substantial amount.
You’ll also note just how robust sales in Arizona are expected to be, despite the fact that it’s solely a medical marijuana-legal state at the moment. Even though Arizonans aren’t guaranteed to be voting on a recreational pot initiative come November, it certainly seems likely at this point.