That’s according to exclusive projections from the 2019 edition of the Marijuana Business Factbook
Retail sales of medical and recreational cannabis in the United States are on pace to eclipse $12 billion by the end of 2019 – an increase of roughly 35% over 2018 – and could rise as high as $30 billion by 2023.
Continued sales gains in recreational markets as well as the rapid development of medical marijuana programs in newly legalized states will spur much of that growth over the coming year.Although medical sales are projected to increase at the same rate as recreational sales in 2019, growth on the medical side of the industry is expected to slow significantly over the long term.In 2019, new medical markets, including Florida, Maryland, Ohio, Oklahoma and Pennsylvania, saw strong patient demand, broad lists of qualifying conditions and adequate access to dispensaries propel sales beyond initial expectations.
The two largest medical markets in the nation – California and Michigan – will likely see precipitous declines in MMJ sales as rec programs in both states get off the ground. The third-largest medical market – Arizona – is poised to pass adult-use legalization via a ballot initiative in 2020.