2019: Top 10 Best Selling Cannabis States
It hasn't exactly been the best year for marijuana stocks, however, the cannabis industry is still projected to be the fastest-growing industry over the next 10 years.
Cannabis sales worldwide have got from $3.4 billion to $10.9 billion in 4 years, and Wall Street has predicted that it will grow by 2030 to between $50 billion and $200 billion.
But don’t mistake: This growth story is all about the United States. Nearly all estimates on Wall Street suggest that the U.S. will account for a ⅓ to ½ of the global sales in the next 10 years. That put the U.S. on top of the cannabis movement.
Most successful state embracing the green rush
We're already seeing some enormous revenue generated by a number of U.S. states. There are 5 states expected to get to $1 billion sales mark in 2019 and 10 that'll generate, a minimum of $298 million in 2019 revenue from cannabis. Let's look at the 10 most important marijuana states, in 2019.
Top-selling marijuana states in 2019, listed in order by projected revenue:
California: $3.1 billion
Colorado: $1.6 billion
Washington: $1.1 billion
Florida: $1 billion
Michigan: $1 billion
Nevada: $770 million
Oregon: $752 million
Arizona: $705 million
Massachusetts: $484 million
Pennsylvania: $298 million
We can note that Michigan revenue is entirely from medical marijuana, despite the fact that it authorized recreational marijuana sales on Dec. 1, 2019.
States to watch in 2020
Naturally, now the attention is being on the remaining states that could make some changes in 2020.
Michigan and Illinois need to keep an eye on given that they allowed adult-use sales of cannabis on, respectively, Dec. 1, and on Jan. 1, 2020. Both will most likely generate billion-dollar, and be in the top-10 markets by 2024.
We should also expect Arizona to really come into focus in 2020. Arizona was the state in 2016 that didn’t get it's recreational marijuana approved. However, cannabis groups dedicated to legalization have spent time in Arizona ahead of new measures to legalize recreational cannabis use in 2020.
We've seen before that second time is often the charm when it comes to legalization approval, similarly to California and Oregon. Arizona should become a recreationally legal state in November and it should be a very lucrative cannabis state for pot businesses.
2020 is bound to be an exciting and lucrative year for the U.S. cannabis industry.