The nationwide stigma surrounding cannabis use is disappearing quickly. In its place, there is a rapidly growing consumer base seeking the many natural beneficial effects the plant offers. More than 90 percent of Americans now believe cannabis should be fully legal, and that overwhelming support is fueling sales from coast to coast. 

Americans spent more than $12 billion on cannabis products in the first half of 2021, according to a new study released by Whitney Economics — a data analysis company specializing in hemp and cannabis industries. This puts the nation on track to break $25 billion in sales for the year. If met, the total sales would represent a 35 percent increase in revenue compared to 2020. 

Last year as a whole the country spent just over $18 billion on cannabis products, which in itself marked a 60 percent increase in sales compared to 2019. Even many of the more optimistic projections for the market did not predict such rampant growth.

Part of this surge can be attributed to the global pandemic that left many stranded at home for months on end. But most of the recent sales are a reflection of the rapidly expanding consumer base. That fact in particular has left many cannabis companies certain that the upward trend will continue. 

For reference, the total sales for toilet paper in the US for that year amounted to just over $10 billion dollars. That includes the months-long nationwide shortages driven by fear of scarcity.

Cannabis Blooming 

According Leafly, cannabis is the single fastest-growing industry in the US. Their job report indicates there are now more than 321,000 fully legal jobs in the cannabis market. Of that figure, more than 77,000 of these new jobs were added in 2020 alone. When you also consider that 2020 was the worst year for US job creation since World War II, these figures are all the more impressive. 

As the report points out, there are now more than twice as many cannabis workers as dentists in the country. 

The US Department of Labor prohibits the government from tracking cannabis-related occupations. However, Leafly and Whitney Economics have partnered to create their own analysis, using the latest industry data and projections. This most recent report is the third the team has produced together, dating back to 2019. The team draws from market data, permit data, business licenses, nationwide surveys and state job reports in order to put together these comprehensive analyses. 

Standout States

Some states benefited more than others from this cannabis market explosion. In Massachusetts alone, sales are expected to surpass $1.2 billion by the end of the year according to the study. Since opening dispensaries in November of 2018, the state has already generated more than $1.8 billion in cannabis sales. 

Michigan is another area enjoying a cannabis boom. The state is projected to reach $1.6 billion in total sales by the end of 2021, which would represent a 65 percent increase compared to last year.

These figures represent a huge influx of tax dollars for both states. This added income will then allow the governments to use those funds for social programs and other necessities. 

Nothing about this growth appears unsustainable. On the contrary, Whitney Economics projects the market will reach more than $45 billion in sales by 2025.

Medical cannabis is currently legal in 37 states, and 15 others have fully legalized cannabis for adult-use. New laws will also continue to promote availability in the coming years. In fact, many advocates and experts expect federal legalization will occur within the decade. 

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