What is better than chocolates and beer? Weed, says America

Although it’s commonly known that chocolate and marijuana go together, it seems that Americans prefer one over the other. A recent report suggests legal marijuana sales in the U S have now eclipsed those of craft beer and chocolate. According to MJBizDaily, a cannabis news website located in Colorado, the amount of money spent on legal weed sales climbed by more than $12 million (Rs 98.33 crore) from the previous year. With more pharmacies opening up across the country, the legal cannabis industry benefits. As a result of the industry’s market valuation increasing last year, experts believe it will continue to expand in the years to come. Let’s take a look. Also read: Why Amsterdam is banning marijuana use in its red light district Cannabis sales to surpass the sweet stuff According to research by MJBizDaily, Americans now spend more money overall on cannabis products than they do on prescription drugs, chocolates and eggs, which have respective sales of $22.8 billion (Rs 1.86 lakh crore), $20 billion (Rs 1.63 lakh crore) and $9.9 billion (Rs 811 million). In comparison to the prior year, when only Washington and Colorado were allowed to sell the weed, the market value of legal marijuana sales is estimated at $30 billion (Rs 2.45 lakh crore), an increase of more than $12 million (Rs 98.33 crore).

In order to determine the industry’s value, MJBizDaily consulted experts and looked through a number of databases predicting that by 2024, consumer spending on legal marijuana should increase by an additional $3.6 billion (Rs 295 million). [caption id=“attachment_12504152” align=“alignnone” width=“640”] Edible products are displayed at a California Street Cannabis Company location in San Francisco. AP[/caption] It also forecasted that when marijuana sales reach close to $57 billion (Rs 4.67 lakh crore) in 2028, they will surpass large tobacco sales, which garnered $52.7 billion (Rs 4.31 lakh crore) from US consumers in 2017. Notably, tobacco is legal everywhere, while marijuana is only legal for recreational use in less than half of the country. According to a recent New York Post article, the rise exceeds that of constant chocolate, which is expected to reach $26 billion (Rs 2.13 lakh crore) by the end of 2026. [caption id=“attachment_12504312” align=“alignnone” width=“640”] Americans now spend more money overall on cannabis products than they do on prescription drugs, chocolates and eggs. Graphic: Pranay Bhardwaj[/caption] The study repeatedly underscores that these are simply the estimates for sales of cannabis that are legal, and that actual annual spending by marijuana users in the US may be up to three times greater. According to Business Insider, the gap between cannabis and other products like craft beer, which only generated $7.9 billion (Rs 6.47 million) in revenue in 2022, will further expand as more people prefer shops over dealers. Also read: Don’t take the ‘high’ way: How scientists are developing a marijuana breath analyser It’s a growing industry As per Dailymail, businesses involved in the marijuana industry include agricultural, manufacturing, and retail operators as well as non-plant-related ancillary businesses such as lighting distributors and law and accountancy services. Certain markets also have cannabis-related events and hospitality businesses, more so than other industries. The outlet quoted the organisation as saying, “The marijuana industry has a significant impact on the broader economy, both locally and nationally.” The company claimed that the impact “comes directly from the day-to-day needs of workers in the cannabis industry, including spending on life’s necessities like housing, transportation, entertainment, and more.” “Taxes collected from cannabis businesses and consumers play a role, too,” the researchers added in reference to the plant’s potential growth. “Looking ahead, upward of $170 billion (Rs 13.93 lakh crore) in additional spending will be added to the US economy in 2028, thanks to the opening and/or expansion of new recreational and medical markets,” says MJBiz Factbook editor Andrew Long. [caption id=“attachment_12504322” align=“alignnone” width=“640”] The cannabis industry is expected to be worth more than Rs 13.93 lakh crore annually by 2028. Graphic: Pranay Bhardwaj[/caption] “The total amount of US adult-use and medical cannabis sales, for example, are expected to reach $34 billion (Rs 2.78 lakh crore) in 2023, up from $30 billion (Rs 2.45 lakh crore) in 2022,” it added. However, in the interim, illegal sales continue to outpace legal ones by a wide margin. According to a recent estimate by Whitney Economics, three-quarters of all marijuana sales in the US still take place in illegal, untaxed transactions. However, a recent study from the University of Minnesota found that since states like New York and New Jersey approved legalised recreational sales, cannabis consumption has skyrocketed by at least 20 per cent in those states. With inputs from agencies Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.