Americans spend twice as much on cannabis as they spend on milk

Americans are on track to spend twice as much on cannabis as they do on milk, according to sales data for the first half of 2021, analyzed by Leafly and Whitney Economics. Growth of this size ensures that the cannabis industry remains the fastest growing industry in the United States of America (USA). 

Americans spent more than $12 billion on legal cannabis products in the first six months of 2021, which is almost the same amount as the total amount of milk consumed in 2020, about $12,6 billion, according to data from Dairy Farmers of America.

In 2020, cannabis sales reached 18 billion euros and the trend of the first six months in 2021 puts the industry on a revenue growth rate of 35% per year, and could even reach a total annual value of between 25 to 26 billion dollars (which represents approximately 10% of Portugal's GDP).

Such growth confirms the continued position of the cannabis industry as the fastest growing industry in the US. In 2020, sales revenue increased by about 60% compared to 2019, driven by increased purchases during the pandemic.

H2021 25 data from Leafly and Whitney Economics project sales of 2021 billion in XNUMX. Image: DR | leafly

Based on the most recent sales data, Whitney Economics has increased its 2021 forecast from $22,2 billion to $25 billion. The forecast for 2025 has also increased to around $44,9 billion.

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