Recreational marijuana sales in the United States are projected to reach $43 billion annually by 2025.
Cannabis sales have increased to historic levels in recent months, with sales totaling nearly $6 billion in the first quarter of this year, New Frontier Data reported.
Sales are projected to increase in the coming months as additional states – such as New Jersey and New York – begin licensing marijuana retailers.
The New Frontier Data analysis reported that, “In 2020, an estimate 24% of U.S. cannabis sales were believed legal; by 2025, 42% of total annual U.S. cannabis demand will be met by legal purchases in regulated marketplaces.”
Of the $43 billion in projected annual sales in 2025, analysts estimate that roughly 62% of transactions will involve adult-use purchases while the remaining 38% will be medical marijuana sales.