Although the U.S. cannabis industry has been experiencing impressive growth, the industry is still under pressure, and we believe that our readers need to be aware of the data that support our thesis.
According to the Marijuana Policy Project, it states that legalized recreational cannabis generated more than $ 3.7 billion in total tax revenue from recreational cannabis sales in 2021. Looking to the future, we expect revenue from cannabis tax continues to rise and we highlight 9 states with the strongest growth. than we had anticipated.
- Seconds Illinois Department of Financial and Professional Regulation (IDFPR), the state has generated more than $ 620 million in recreational cannabis sales in the first five months of the year.
- According to state data, Michigan sold more than $ 1.3 billion in recreational cannabis and $ 481 million in medical cannabis in 2021. In December 2021, the state reported more than $ 135 million in recreational cannabis sales, which it was a record at the time and hopefully 2022 will be a period of strong growth for that.
- According to the Colorado Department of Revenue (CDOR), the state generated more than $ 2.2 billion in cannabis sales in 2021. While many analysts believe the market is approaching the highest annual cannabis revenue, we consider optimistic about the opportunity.
- According to the Cannabis Control Commission (CCC), Massachusetts sold more than $ 1.3 billion worth of cannabis products in 2021 and we expect cannabis sales to exceed that amount by 2022.
- According to the Arizona Department of the Treasury, the legal cannabis industry generated more than $ 1.2 billion in cannabis sales and more than $ 190 million in tax revenue in 2021. Recently, the state began allowing recreational cannabis sales and we expect the industry to record strong. growth in 2022 and beyond
- The New Jersey recreational cannabis industry recorded approx. $ 24 million in sales in the first month and we expect that figure to increase in the future. We expect sales to increase as more dispensaries open and we are optimistic about the market.
- According to the New Mexico Cannabis Control Division (CCD), $ 22 million worth of recreational cannabis products were sold in April. Since recreational cannabis was legalized a few months ago in the state, we will be tracking how sales increase throughout the year and we are impressed with the initial data.
- According to data from the state of Washington, the cannabis industry recorded more than $ 1.5 billion in cannabis sales in 2021. This makes the state of Washington one of the largest cannabis markets in the United States and we believe that the state is going under the radar.
- According to the Montana Revenue Department (DOR), the legal cannabis (medical and recreational) industry has generated more than $ 123 million in sales since the recreation market opened on January 1st.st.
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