One of the most comprehensive cannabis market research tools, the Marijuana Business Factbook 2021 has tracked the development and projected profits of the U.S. medical and recreational cannabis industry over the next five years. The latest reports should give industry professionals confidence that it will continue to grow until at least 2025, according to a press release by the Marijuana Business Daily.
The factbook includes data on cannabis sales for fiscal 2020, estimates of the industry’s impact on the U.S. economy, comparisons of the cannabis industry and its economic performance versus other industries, and other facts and figures relevant to a variety of cannabis industries and professionals.
According to their analysis and reports, US cannabis sales are likely to be around $ 22 billion to $ 26.4 billion in fiscal 2021. Additionally, total annual sales in both the medical and recreational marijuana markets are said to be between $ 38.8 billion and $ 45.9 billion by 2025, outperforming craft beer, NFL and global opioids sales in 2020.
Cannabis sales are expected to increase after a successful 2020
2020 has been proven to be a successful year for the marijuana industry, both in the recreational and medical sectors. Cannabis sales in 2020 ranged from $ 16.9 billion to $ 20 billion.
Among the numerous findings in the Factbook, 100% of investors believed that the cannabis industry will do better in 2021 than it did in 2020.
Jenel Stelton-Holtmeier, editor of the Marihuana Business Factbook, commented on the 2020 cannabis industry statistics: “2020 was an important year for cannabis. Many marijuana companies were declared essential during the pandemic, and more states were legalizing the cannabis markets. More countries will participate in 2021 and their programs will start faster than before. “
Further observations from industry experts
In addition to the success of the cannabis industry in 2020, the experts consulted for the factbook made other observations on the direction of the cannabis industry.
Under their observations, the cannabis industry will have created 400,000 new jobs nationwide by the end of 2021. After the official start of the New York cannabis industry, annual sales are estimated at $ 2.5 billion by the end of fiscal year 2025.
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