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2019 was one of the dibbly-dobbly years for the cannabis industry and marijuana stocks. This was when Canada became the first industrialized nation to legalize recreational pot sales. It gained strong momentum in the US too.

But the black market has always been virtually unstoppable throughout North America. But organic growth and US legalization might lead to an increase in US sales in the coming years.

And until that happens, let’s have a look at the five top-selling marijuana states in the US, according to the latest report by BDS Analytics and Arcview Market Research.

  • California (USD 3.8 Billion in sales, including recreational and medical).
  • Colorado (USD 1.7 Billion in sales – USD 1.4 Billion recreational & USD 0.3 Billion medical).
  • Michigan (USD 1.21 Billion in sales – USD 299 Million recreational & USD 909 Million medical).
  • Florida (USD 1.2 Billion in sales – all medical).
  • Washington (USD 1.1 Billion in sales, including recreational and medical).

California has experienced stagnant growth in the past couple of years, but it still is the largest cannabis market in the US.

Various vertically-integrated multi-state operators will focus on these markets. But perhaps the hottest state in the US for cannabis sales is Illinois, and it is not even in the top-5 list. The state commenced its adult-use weed sale on the first day of 2020.

It is the first state to legalize recreational weed and its consumption and sale. But according to the study, the market will pass the USD 1 Billion mark in 2024. Cresco Labs and Green Thumb Industries are interested in Illinois and are looking to open at least 10 locations throughout the state.

Nevada is another place that is considered to see some serious growth in the future, along with Oregon, Arizona, and Massachusetts. But things will still be a bit challenging for the pot stocks in the US.

Rising sales will always be a good sign for multi-state operators, but marijuana is still illegal at the federal level. And this might not change anytime soon.

Therefore, it means that the transportation of marijuana cross-state will not be legal, even between two fully legalized states. These multi-state operators have to set up reducent cultivation and various processing operations and dispensaries in different states to cater to this problem. So, things still look pretty murky.

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