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We spent more on legal marijuana than chocolate and beer in 2022. U.S. cannabis sales surpassed the purchase of chocolate and beer. Now, we favor marijuana these days over other feel-good products.
According to an MJBizDaily report, the amount spent on legal weed sales climbed by over $10 million from the previous year. We spent roughly $30 billion on legal marijuana in 2022 compared to $20 billion on chocolate. After seeing the data, they believe it will continue to expand. By 2028, legal weed sales will climb to nearly $57 billion.
The amount Americans spend on weed doesn’t look like it will move down anytime soon as more states are working to legalize adult-use Cannabis. Till now, 22 states have legalized the adult use of marijuana within their boundaries.
Recently, In April 2023, Delaware became the 22nd state to legalize adult use of marijuana within their boundaries. States like Pennsylvania, Florida, Minnesota, and Ohio also plan to legalize marijuana in the coming years. Medical marijuana is legal in 38 states.
The high sale of Cannabis also fills the government treasury at a very fast rate. Today,
Marijuana is a multibillion-dollar industry, generating heavy tax revenue and jobs in the USA.
In Michigan alone, cannabis sales brought in about $325 million in tax revenue last year, by the state’s Cannabis Regulatory Agency Statistical Report.
It’s important to note that this report only relays on legal marijuana sales. The illegal market for marijuana is estimated to be much larger.
Even with increased legalization nationwide, illegal marijuana sales remain far more common than legal ones. Whitney Economics estimates that three-quarters of such sales in the U.S. still occur on the black market.
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