The cannabis industry will come out of the coronavirus pandemic stronger than when the pandemic started. That will include new opportunities for cannabis entrepreneurs in states that have already legalized and those that might soon follow suit.
Those are some of the findings in a recent report called State of the Cannabis Industry conducted by LeafLink, Flowhub, and Vangst. Each company approaches the cannabis industry from a different vantage point – wholesale (LeafLink), dispensaries (Flowhub) and employment (Vangst).
No matter how you look at the industry, it’s been a great year for cannabis. After an initial explosion in cannabis sales when the pandemic began, record sales have continued in some states. The report found that cannabis sales nationwide have stabilized at a rate 40 percent higher than in 2019.
That stabilization indicates that post-pandemic sales numbers should stay strong. Officials in Michigan, for example, expect the market in their state to surpass $3 billion in the near future. Nationwide, some projections call for a $34 billion U.S. cannabis market by 2025.
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