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U.S. Retail Cannabis Sales on Pace to Potentially Reach $30 Billion by 2023

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According to the Marijuana Business Factbook, an exclusive report by Marijuana Business Daily (MJD) containing market projections, retail sales of medical and recreational cannabis in the United States are on pace to eclipse $12 billion by the end of 2019 – an increase of roughly 35% over 2018 – and could rise as high as $30 billion by 2023.

MJD said: "Continued sales gains in recreational markets as well as the rapid development of medical marijuana programs in newly legalized states will spur much of that growth over the coming year. On the recreational side, estimated sales in 2018 were revised up slightly from our original forecast at the beginning of 2018… But by the end of 2018, the number of licensed retail stores and delivery services in California was up considerably, pushing estimated sales past the $2 billion mark."

The report continued: "Sales in mature markets such as Colorado, Oregon and Washington state continue to grow (and) by the end of 2019, each of those states could post single-digit, year-over-year sales gains – the first time that's happened in a recreational marijuana market. Nationwide, however, rec sales are set for major growth in the coming years, as California and Massachusetts are expected to hit their strides by 2020 and markets such as Maine and Michigan come online."

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