News Categories
How legal marijuana is outselling Starbucks
Warning message
The subscription service is currently unavailable. Please try again later.
It’s a safe bet that Americans as a whole will continue to spend even more on pot than PSLs. Here’s why.
When reports came back showing legal cannabis sales outpaced Starbucks sales in North America, it raised more than a few eyebrows. As we previously reported, in 2021, legal cannabis sales (medical and recreational combined) were between $24.5 billion and $27 billion, while Starbucks sold a reported $20.5 billion.
At first this might come as a surprise simply because Starbucks is such a famous and successful institution, while marijuana and its dispensaries are still relatively, well, green. These numbers are even more shocking once you remember the fact that marijuana is still illegal on a federal level and there is a complete prohibition on its sale and consumption in more than a dozen states.
How, then, did cannabis outsell the world’s biggest coffee retailer, and what does this mean for the future of cannabis sales?
Americans love a good cup of joe, but cannabis is what they really gravitate towards when times get a bit tough. And 2021 was a trying year both economically and mentally for most of us.
Marijuana, however, proved it is a strong product in both boom times and challenging ones. “Invest in products that people will always want, in good times or bad. And when it comes to providing a product that people crave the world over, marijuana passes the test,” wrote Investing Daily. Marijuana’s ability to thrive in all economic times make it a very marketable product.
While lockdowns and stimulus payments may have helped weed sales a bit in 2021, this growth does not appear to be a one-time thing. In fact, marijuana sales are projected to reach $33 billion in 2022, according to Fortune, which would be 32% growth from 2021. This shows marijuana on a steady growing path that may help it continue to outpace the coffee retailer and possibly other iconic companies.
Not only are existing markets showing strong sales, but several states legalized recreational weed this year and are already reporting huge numbers. “New Jersey’s launch of adult-use sales, expected in the second quarter, will likely cause the most substantial jump in any market in the U.S. in 2022,” Jessica Lukas of cannabis data company BDSA told Forbes. BDSA is forecasting sales to increase 220% in 2022 versus 2021.
The last two years have been tricky and uncertain times, but marijuana is growing at a steady rate. Even as state and federal lawmakers battle it out on whether or not marijuana should be legalized, the cannabis industry is poised to march ahead with record gains year after year.
This growth is likely only the beginning for an industry that has nowhere to go but up, which can only lead one to conclude that Americans as a whole will continue to spend even more on pot than pumpkin spice lattes.
420 Intel is Your Source for Marijuana News
420 Intel is the leading source for cannabis news from around the world. Get the latest updates on cannabis legalization, politics and technology, as well as developments in medical and recreational marijuana news. Our commitment is to bring you the most important cannabis news stories every day of the week.
At 420 Intel we understand that effective marijuana industry news coverage is a constant endeavor. Every day stories develop regarding cannabis legalization, technological developments, and the medicinal benefits of marijuana use. Each new development carries the potential to impact the marijuana industry regionally, nationally, and internationally. 420 Intel is the marijuana industry news outlet that will keep you up to date on these developments and how they impact the world around you.
With the marijuana industry constantly evolving, you need a cannabis news outlet to keep you abreast of the pertinent information. At 420 Intel, we cover marijuana legalization news throughout the world, offer reliable information for cannabis business owners, detail technological advances that impact the marijuana industry, cover marijuana rallies from across the globe, and everything in between.
You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.