Cannabis Sales In U.S. Hit $32B In June: Key Drivers Behind All-Time Record Revealed
U.S. cannabis retail sales hit an all-time high in June, with an annual run rate of around $32 billion. According to LeafLink’s Summer 2024 market report, the surge reflects a 10% year-over-year increase driven by strategic market expansions and favorable policy changes.
Key Drivers Behind Sales Surge
Ben Burstein, corporate development manager at LeafLink, shared insights with Benzinga regarding the factors fueling this unprecedented growth. “This year, average monthly retail sales in cannabis rose by 5.1%, with states like New York, Maryland, Florida, Michigan and Missouri leading the charge,” he explained. These states, which introduced numerous new retail outlets, have seen substantial sales increases due to improved consumer access and the rollout of adult-use cannabis sales.
The adoption of adult-use cannabis sales in Missouri and Maryland also played a crucial role. These states transitioned from medical-only markets to adult-use markets, resulting in a 2-2.5x increase in total retail sales compared to early 2023.
Burstein says he’s is optimistic about sustained growth. He pointed to the extensive license issuance expected in states like New York, New Jersey, …