Americans now spend more on legal marijuana products than they do on chocolate. The USA reached this milestone as a nation last year, according to MJBizDaily.
United States residents spent about $30 billion on legal Cannabis in 2022. That compares with roughly $20 billion spent on chocolate.
Almost two-dozen states now allow sales of weed for adult use. Nineteen more states allow Cannabis for medicinal use.
Americans spent more on marijuana than they did on opioid medications ($22.8 billion) and topical pain medication ($2.8 billion) combined, according to MJBizDaily.
Gaining On Tobacco
Legal weed sales are still dwarfed by sales of tobacco products. In 2022, tobacco sales totaled about $53 billion. But tobacco sales are steadily dropping, whereas Cannabis sales are rising.
By 2028, according to MJBizDaily, sales of legal weed could reach $57 billion.
Under-the-table pot sales remain far more common than legal, taxed ones. Whitney Economics estimates three-quarters of marijuana sales in America still take place on the illicit market.
That’s because, to get medicinal and adult use approved, high taxes were part of the deal.
Those taxes are set so high, however, that it leaves plenty of room for growers and dealers.
Total Impact Tops $100 Billion
The total economic impact by Cannabis sales is expected to top $100 billion in 2023, according to the industry watcher. Sales of $33.6 billion are expected this year, reports The Street, a 12% year over year increase.
By 2028, marijuana sales are expected to approach $57 billion, with an overall economic impact of $170.7 billion.
Gummies are now the most widely consumed edible, generating roughly $100 million in monthly sales, reports Business Insider. In March 2023 alone, retailers sold nearly $20 million of berry gummies, according to research firm Headset. The firm looked at sales from Arizona, California, Colorado, Massachusetts, Michigan, Nevada, Oregon, and Washington.