The legal cannabis industry in the United States is expected to reach a market value of $40 billion by 2025. According to a new report released by ArcView Market Research, the legal cannabis market in the United States is expected to become a $21.5 billion market by 2020. This represents a staggering year over year growth rate of 120 percent.
The following information is based on information from the “Washington Post” and the “National Cannabis Industry Association” and “Marijuana Business Daily” and the “Green Market Report”. The following information is from the “Washington Post” dated Friday, September 7, 2014.
- The pandemic initially disrupted the legal cannabis industry, but sales reached a record 245 billion in 2020.
- Retailers have navigated changing regulations and markets to find new ways to attract customers.
- A Las Vegas cannabis producer told the New York Times that sales in Nevada alone could reach R14 billion by 2021.
- For more stories, see www.BusinessInsider.co.za.
Shortly after Nevada officials announced that licensed cannabis shops and medical dispensaries could reopen after the closures, Nicholas McLean said cars were waiting in line for five blocks to be picked off the sidewalk. Like many other industries in Las Vegas, the cannabis industry relied on tourists, but that changed when the pandemic hit, Mr. McLean, CEO of Aether Gardens, a Las Vegas-based cannabis producer, told the New York Times. Locals are picky – they want what they can’t find on the black market, McLean says. Especially if you’re sitting at home. According to BDSA, a cannabinoid market research firm, sales of legal cannabis in the US were exceptionally high in 2020, up 46% from 2019 to a record $17.5 billion. I expect this to be the first year that cannabis sales in Nevada exceeded the one billion mark, McLean said. And in a context that no one expected, I think. In western Massachusetts, where recreational cannabis use is legal, Meg Sanders, CEO of Canna Provisions, says the state’s restrictions and then the company’s distillation requirements forced her to radically change her sales strategy. Initially, only medical pharmacies were allowed to open, while retail outlets selling recreational products had to close. The fact that liquor stores are deemed necessary and adult-use cannabis stores are not – especially when the law passed in Massachusetts seeks to regulate cannabis like alcohol – is surprising and unfortunate, Sanders told the Times. After Canna Provisions was allowed to reopen, the store’s signature style had to be changed in favor of phone pre-orders. Our county is an Internet desert, she said. Now, when customers call, they speak to a sales associate who can answer their questions and direct them to the topical products, essences and smoking accessories available – a method she says works for business. In our Lee store, pre-orders now account for almost 100% of our business. So we bought more phones and hired more people to take the calls, and our sales went up, she says. In Florida, Osvaldo Graziani Lemoine, creative director of Fluent Cannabis Care, said his company’s 19 locations could remain open to about half a million residents of the state with a medical cannabis card. (Recreational use is prohibited in the state of Florida). For us, it’s less about the in-store experience and more about giving our customers good deals and making it easier to buy merchandise, he told The Times. In addition to offering special discounts, Graziani said future stores will be designed from start to finish with pre-orders and sales in mind: no counters, no halls, just greenery.