U.S. Cannabis Sales Projected to Hit $10 Billion This Year

Every year cannabis sales in the United States hit new highs, but one projection for 2018 shows the industry hitting a major milestone.

A new projection from the Marijuana Business Factbook expected the cannabis industry in the United States to hit between $8 billion and $10 billion in 2018, a 50 percent increase from last year. The new projection also shows by 2022, the industry will hit between $18 billion and $22 billion in sales.

It's not surprising that marijuana sales would increase in 2018. The state of California finally legalized recreational cannabis at the start of the new year, a huge factor for sales growth considering it's the largest state in America. Massachusetts will also begin recreational sales this July, becoming the first state east of the Mississippi to do so. That means Massachusetts could become a major marijuana destination for East Coast tourists, at least until other states in the region embrace it as well.

Also 2018 is projected to be the first year where recreational sales in the United States eclipse medical sales, which again is largely attributable for California going from medical to recreational. By 2022 recreational sales are projected to be twice as much as medical sales.

So in short, things are going well in the cannabis industry and they're only expected to get better.

(h/t Marijuana Business Daily)

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