As of 2021, 18 states have fully legalized marijuana for recreational use. Along with 28 states that have some form of a medical cannabis program established. Although there are still four states that have banned marijuana. For the states that have a medical cannabis program, they are seeing exceptional revenue come in from the programs. For example, Maryland hit $1 billion in total sales, Missouri broke $3 million in a single week, Pennsylvania’s medical cannabis market hit $909.4 million, and Arkansas medical cannabis daily sales reached $900,000.
Maryland Medical Cannabis Market
Maryland’s cannabis market hit $1 billion in total retail sales. About 40 months after retailers began selling medical cannabis, dispensaries collectively brought in more than $1 billion by early April. Current growth shows that $2 billion in sales will be achieved in about half the time.
The industry started off slow back in 2017 but recently has been charting huge growth. Between 2019 and 2020 sales nearly doubled. In just 3 months starting off this year, sales surpassed $135 million. As more businesses arise, the number of patients also increases. The number of certified patients increased 42% between 2019 and 2020.
The next milestone that will accelerate the growth of Maryland’s cannabis market is the legalization of recreational cannabis. The most recent attempt to pass adult-use cannabis in Maryland failed to pass in the General Assembly.
Missouri Medical Cannabis Market
Missouri medical marijuana sales break $3 million in a single week during 4/20. To this point no single week ever exceeded $2.7 million. The week of 4/20 showed a 21% increase in sales compared to the week prior.
Missouri is poised to break the $100 million mark within the first year of operational facilities.
Pennsylvania Medical Cannabis Market
Pennsylvania’s $909.4 million medical cannabis market will introduce Headset for the first full market read. “Headset” is the leading provider of data and analytics to the cannabis industry. It will provide consumer insights along with real-time market data. Pennsylvania is the 5th largest state by population and is expected to be a big market with rapid growth. Pennsylvania has close to $1 billion in sales within the last 12 months. They are growing at an incredible pace.
In the last 12 months, their medical cannabis sales have escalated, between April 2020 and March 2021, their medical markets brought in $909.4 million.
Arkansas Medical Cannabis Market
Average daily medical cannabis sales come close to $900,000 in Arkansas. During a 31-day reporting period ending on April 11, the average daily medical cannabis sales approached nearly $900,000. The state has 32 operational dispensaries as of April 11, with a total of $27 million in sales during the 31-day period.
Compared to the previous reporting period, the numbers are up nearly 30%. Additionally, compared to September 2020 the daily average sales have increased by nearly $300,000. Since the states’ first legal cannabis sale in May of 2019, dispensaries have reported about $285 million in medical cannabis sales through April 11, 2021.
From March 20 to April 10, active patient cards have increased by more than 3,500. Furthermore, six more dispensaries in Arkansas are in the process of opening their doors.
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