A recent report from the Marijuana Business Factbook revealed that marijuana sales in the United States have been soaring. By 2020, the sales could beat the National Football League’s (NFL) $15 billion.
In 2018, the U.S. revenue from both recreational and medicinal marijuana was close to $10 billion. But by the end of year 2023, officials believe that the industry could hit $60 billion.
To put that into perspective, as of now, the marijuana industry has higher sales than Taco Bell. It beats the sales of e-cigarettes, Fortnite video games, and Goldfish cracker snacks all put together.
By 2023, it could beat out America’s total spending on annual gym memberships, according to Eli McVey, MJBizDaily’s Research Editor.
So how is the marijuana industry doing so well in sales?
Well, the clearest reason for the rise in sales is that many states have now legalized the drug.
Beginning with Colorado, 36 states passed laws that allow for the legal sale of marijuana. The laws helped to increase consumption of the drug, both for recreational and medicinal use.
But what’s interesting is that the legal sales make up only a small portion of the demand for the drug in the U.S, which is closer to $60 billion. This demand includes sales from the black market.
According to the McVey, at least 20% of American adults are using cannabis plants for pain management, medical therapy, or recreational purposes.
The more states begin to reduce restrictions on the plant, the more the industry will grow.
Will marijuana be added to the food industry as well?
A recent FDA hearing convened on May 31 to discuss the possibility of adding CBD into food products. The hearing included researchers, scientists, health professionsals and advocates.
Although the 2018 Farm Bill allowed for industrial hemp production for hemp-based products like CBD, it isn’t enough to allow CBD into food, drinks, and dietary supplements. The FDA alone is in charge of regulating those items.
The forum on May 31 was a huge step towards determining a plan for adding CBD into food and drinks.