This story originally appeared on Benzinga
Legal cannabis sales in the United States have eclipsed Starbucks Corporation sales, reported MJBizDaily, citing the 2022 MJBiz Factbook. The development comes even though coffee is legal in all 50 states.
The cannabis industry saw sales increase by 30% in 2021. Starbucks’ annual sales in North America increased by 25%.
Legal recreational and medical cannabis sales hit a range of $24.5 billion to $27 billion in 2021, while Starbucks garnered $20.5 billion in sales, according to the report.
By comparison, sales of over-the-counter sleep aids — a commonly referred to reason for cannabis use — increased by less than 1%, and sales of painkillers increased by 5% in 2021, according to the report.
RELATED: Global Cannabis Sales Expected To Hit $61 Billion By 2026
Cannabis sales for adults top $3.7 billion
In April, the Marijuana Policy Project released an updated report on tax revenue generated from state-legal adult-use cannabis, which includes totals for all of 2021.
In 2021 alone, legalized states generated more than $3.7 billion in cannabis tax revenue from sales for adult use, a 34% increase in revenue from 2020.
In March 2022, states reported a combined $11.2 billion in tax revenue from legal adult cannabis sales since 2014, when sales began in Colorado and Washington.
Global cannabis sales for 2022 will reach just over $35 billion, a jump of about 22% from 2021 sales of $29 billion, according to the latest five-year market forecast update. of the BDSA. The BDSA predicts that global cannabis sales will exceed $61 billion in 2026, for a compound annual growth rate of more than 16%.