Cannabis sales could reach $57 billion by 2028

A report by MjBizDaily revealed that, in 2022, marijuana consumers spent approximately $30 billion on legal purchases of the drug. Of this figure, more than $10 billion was purchased for medicinal use and about $19 billion for recreational use.

Marijuana remains illegal in 12 states. In 18 states, there are regulations that allow its medical use. Recreational use is legal in more than 20 states. However, in much of the country, illegal sales are still far more common than legal sales. Whitney Economics estimated that three-quarters of all cannabis sales occur on the black market.

$33.6 billion in sales projected in 2023

Combined medical and recreational cannabis sales could reach $33.6 billion by the end of 2023. This figure is expected to exceed $53.5 billion by 2027.

By 2028, the study forecasts that cannabis sales could reach $57 billion ($14.1 billion medical use and $42.8 billion recreational).

This growth will be driven mostly by the recently opened recreational markets in states such as Arizona and New Mexico. Although sales for medical use will decline where recreational sales become legal, new medical marijuana markets, such as Mississippi, will also contribute to growth.

The states that spend the most

Voters in Colorado and Washington were the first in 2012 to vote to approve the legalization of recreational marijuana. However, neither of these states historically ranks first in the purchase of the drug:

California is the top state for recreational marijuana sales ($423 million in December 2022). The Golden State legalized the drug in 2018 and quickly became the largest market in the country by a wide margin.

In Michigan, recreational cannabis sales accounted for $208 million in December 2022. In Massachusetts , recreational purchases resulted in $132.6 million in sales in December 2022.

Illinois broke records in December 2022 with its highest level of sales $143.9 million. Colorado was a pioneer in the recreational cannabis space and has seen its sales levels grow. According to the Colorado Department of Revenue, as of December 2022, $113.9 million of the drug had been sold.

Marijuana continues to lag behind the tobacco industry

Marijuana sales continue to lag behind those of the tobacco industry. Despite suffering a steady decline over the years, tobacco consumers spent about $53 billion in 2022.

However, the legal purchase of marijuana is becoming more popular every year and did surpass sales figures for products such as beer, chocolate, opioid drugs and topical painkillers.