Business
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.
*******************************************************************************
Support Cannareporter and independent journalism! If you consider it important to have access to specialized information on cannabis or hemp in Portugal and in the rest of the world, consider becoming one of our patrons. You can contribute from just €3 / month or invest in advertising on our website, giving your brand visibility in more than 30 countries. See the counterparts at www.patreon.com/cannareporter or ask for more information via the email advertorial@cannareporter.eu. Thank you!
____________________________________________________________________________________________________
[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]____________________________________________________________________________________________________
What do you do with €3 a month? Become one of our Patrons! If you believe that independent cannabis journalism is necessary, subscribe to one of the levels of our Patreon account and you will have access to unique gifts and exclusive content. If there are many of us, we can make a difference with little!
I am one of the directors of CannaReporter, which I founded together with Laura Ramos. I am from the unique Island of Madeira, where I currently reside. While I was in Lisbon at FCUL studying Physical Engineering, I became involved in the national hemp and cannabis scene and participated in several associations, some of which I am still a member of. I follow the global industry and especially legislative advances regarding the different uses of cannabis.
I can be contacted by email at joao.costa@cannareporter.eu
Switzerland: Pacrim takes control of Medropharm and prepares for a new phase of expansion in medicinal cannabis.
Reading Time: 2 minutes. Pacrim has acquired two-thirds of the Swiss company Medropharm, thus gaining control of the company and its operations.
South Africa: Researchers discover rare phenolic compounds in cannabis leaves.
Reading Time: 4 minutes. Researchers at Stellenbosch University in South Africa have discovered that flavoalkaloids are produced in the leaves of the plant...
Covilhã – Dismantling of two cannabis greenhouses
Reading Time: < 1 minute The Castelo Branco Territorial Command, through the Criminal Investigation Unit (NIC) of Covilhã, in...
Tokyo will host the Japan International Hemp Expo on November 14th and 15th, 2025.
Reading Time: 4 minutes. For the first time since the legal reform, Japan opens its doors to the global hemp industry...
Thailand will host GrowZone, the 1st Cannabis Golf and Networking Tournament, on November 4th, ahead of AIHEF.
Reading Time: 3 minutes Bangkok will host GrowZone next week, the first cannabis golf and networking event...
Belvedere Pharma is no longer on the list of entities licensed by Infarmed
Reading Time: 2 minutesBelvedere Pharma, authorized in 2023 to cultivate, import and export cannabis for medicinal purposes, left...
Cannabizetol: New cannabinoid may have antioxidant and anti-inflammatory benefits for the skin
Reading Time: 6 minutesA recent study from the Università degli Studi di Milano, in Italy, published in the Journal of Natural Products,...
Thailand: Bangkok hosts the 4th edition of the Asia International Hemp Expo & Forum from November 5th to 7th
Reading Time: 4 minutesFrom November 5 to 7, 2025, the Queen Sirikit National Convention Center (QSNCC) in Bangkok...
"Infarmed is finally going digital, which could change everything for cannabis producers" – Read the best quotes from PTMC25 here
Reading Time: 19 minutesPTMC – Portugal Medical Cannabis 2025 took place in Lisbon on the 25th and 26th of...
Startup Nau Verde aims to revolutionize the hemp textile sector in Portugal
Reading Time: 3 minutesMore than 100 million euros and 250 jobs are the figures for the ambitious...
