Legal Weed Sales are (Baby) Booming
- Jeremy Garner
- Nov 10, 2020
- 2 min read
December 28, 2019
Overall sales for legalized cannabis in the United States are expected to reach USD 13.6 Billion during 2019.
A quarter of those sales were because of Baby Boomers, according to a survey by MJ Freeway and New Frontier Data.
By 2025 the combined legal sales from the 33 states with legalized medical programs and 11 legal adult-use programs are projected to reach USD 30 Billion.
Colorado alone has reported USD 6.5 Billion in total sales since January 2014.
“We want Colorado to be the best state for investment, innovation and development for this growing economic sector,” state Governor Jared Polis said earlier this June,
“This industry is helping grow our economy by creating jobs and generating valuable revenue that is going towards preventing youth consumption, protecting public health and safety and investing in public school construction."
One of the original and most successful dispensary and cultivation companies in Colorado, NewLeaf Brand’s subsidiary We Are Kured entered into a letter of intent with the Denver Packaging Company to enter the Colorado cannabis market in 2020.
With this letter of intent Kured will release a new ultra-high quality THC version of its flagship 500mg custom disposable vaporizer line.
Which is good timing because according to New Frontier Data the legal marijuana market in Colorado is expected to exceed USD 2 Million in revenue in 2020.
The City of Chicago recently had a lottery for recreational cannabis dispensary locations and Cresco Labs won two of the seven available licenses in the Central District.
They now have the right to open two adult-use dispensaries in the epicenter of Chicago’s business and retail communities which draws a great portion of the 55 million tourists that come to Chicago each year.
In Pennsylvania Harvest Health & Recreation is opening their third Harvest-affiliated dispensary in Scranton. Green Thumb Industries, on the other hand, recently closed on a transaction to sell its Danville cultivation and processing facility to Innovative Industrial Properties.
The proceeds that Green Thumb is getting from selling the facility will be used “for strategic initiatives and capacity expansion projects in Pennsylvania,” said Green Thumb Industries founder and CEO Ben Kovler, “a high-growth medical cannabis market.
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