Americans now spend MORE on legal weed than on chocolate

Americans spent more on legal weed last year than chocolate and craft beer combined new report has revealed — an occurrence experts said is fueled by states’ recent acceptance of recreational marijuana use.

The cannabis website MJBizDaily estimated $30 billion, the monetary measure of legal marijuana sales rose more than $12 million from the previous year, when only Washington and Colorado were allowed to shill the stinky stuff.

During that period, another 20 states followed their Western counterparts’ lead, allowing licensed retailers to sell the drug recreationally. Federal regulators, meanwhile, remain divided over more widespread decriminalization.

As these dispensaries continue to pop up across the county, the legal cannabis industry has benefited as market evaluation has increased over the past year – a trend that authors say will continue for years to come.

In the meantime, the total amount spent by Americans who buy marijuana products have spent more on painkillers and even the aforementioned confectionery items, which bring in $22.8 billion and $18.2 billion, respectively.

As pharmacies continue to pop up in the U.S., the legal cannabis industry has benefited, as the market valuation jumps more than $18 billion to $30 billion by 2022

To gauge the value of the industry, MJBizDaily consulted economists and analyzed several databases — eventually concluding that by 2024, the amount spent on legal weed should increase by another $3.6 billion.

By 2028, the company expects marijuana sales to approach $57 billion — a marker it will surpass the currently declining big tobacco, an industry that brought in $52.7 billion from U.S. residents last year. That’s despite tobacco being legal across the country, while recreational weed is only allowed in less than half of the country.

The growth is surpassing that of fixed-income chocolate, which is expected to reach $26 billion by the end of 2026, according to a recent report from the New York Post.

Moreover, these are just the legal figures for cannabis, the report repeatedly points out – with the actual amount spent annually by Americans smoking weed probably up to three times the amount calculated by MJBizDaily.

And as more citizens ditch dealers for more and more available retailers, the gap between cannabis and other commodities, such as craft beer, which in 2022 brought in just $7.9 billion a year, is widening. Business Insiderwill only get longer.

The newspaper commented on the growing awareness of the literal cash crop in the states now that it is legal, after older measures only estimated illicit US profits from cannabis.

Marijuana businesses include a range of agricultural, manufacturing and retail businesses, as well as non-plant support businesses such as lighting suppliers and law and accounting firms.

And as more citizens leave dealers for more and more available retailers, the gap between cannabis and other commodities, such as craft beer, will only widen, the report said.

The days when weed enthusiasts had to drive to Washington or Colorado are long gone, after 20 states followed their Western counterparts’ lead and allowed retailers to sell the drug

The newspaper commented on the growing awareness of the literal cash crop in the states now that it is legal, after older measures only estimated illicit US profits from cannabis. Pictured is the opening of the first Big Apple pharmacy earlier this year

The newspaper commented on the growing awareness of the literal cash crop in the states now that it is legal, after older measures only estimated illicit US profits from cannabis.

By 2028, the company expects marijuana sales to approach $57 billion — a marker it will surpass big tobacco, an industry that brought in $52.7 billion from U.S. residents last year.

“Some markets also include cannabis events and hospitality businesses, which often have an even greater economic impact than other industries.”

The group added that “the marijuana industry has a major impact on the wider economy, both locally and across the country.”

“That impact,” the company said, “comes directly from the day-to-day needs of cannabis industry workers, including expenses for necessities such as housing, transportation, entertainment and more.”

“Taxes collected from cannabis companies and consumers also play a role,” the researchers also noted in reference to the plant’s future growth—no pun intended.

That said, illegal sales still far outweigh legal ones in the meantime, with Whitney Economics recently estimating that three-quarters of all marijuana sales in the United States are still made in illegal, untaxed transactions.

However, since states like New York and New Jersey approved recreational sales, cannabis use in those states has increased by at least 20 percent, a recent report from the University of Minnesota revealed.

In that study, researchers warned of “adverse health and psychosocial consequences” from the drug that continue to emerge as more Americans continue to pick it up.

Lead researcher Stephanie Zellers called for more research into the “complex questions surrounding the public health implications of legalization” and how increased cannabis use “translates into changes in health or behavioral consequences.”

These include cannabis-induced episodes of psychosis or cannabis hyperemesis syndrome (CHS), a little-known condition caused by long-term use of cannabis (marijuana).

Since states like New York and New Jersey approved recreational sales, cannabis use has increased by at least 20 percent, according to another study. Seen here is a pharmacy in New Jersey

The group added that the fast-growing industry “will have – and has already had – a major impact on the wider economy, both locally and across the country.”

People with CHS experience recurrent episodes of nausea, vomiting, dehydration, and abdominal pain, with doctors largely unsure of a cause.

Meanwhile, experts say legalizing marijuana has led to growing acceptance of the plant in recent years, prompting many to try it for the first time.

Stress from the COVID-19 pandemic has also increased the number of users, which may have contributed to the increase since 2021 and 2022.

Meanwhile, marijuana is the most commonly used federally illegal drug in the United States. It is currently legal in 22 states, plus the District of Columbia.