A new study from BDSA, an cannabis analytics company, shows that in states where cannabis is legal for both adult use and medical use, sales have increased by 46% since 2019, Forbes’ Will Yakowicz reports.
“We expected more potential impact from an economic downturn, but the industry has proven to be resilient,” says Kelly Nielsen, who runs BDSA’s Insights and Analytics Department. “It’s potentially recession-proof.”
With 15 states now legalizing adult use of cannabis, these markets have seen the biggest increase in cannabis sales.
Colorado saw sales increase by 26%, reaching $2.2 billion. States like Oregon saw an increase of 29%, reaching $1.1 billion.
With more states legalizing cannabis, usage is on the rise.
“About 30% of consumers surveyed by BDSA said they shop for cannabis products more often,” Yakowicz says. “While 25% of consumers say their cannabis usage has increased since before the pandemic.”
Market penetration is also up. Colorado has seen the biggest penetration with 48% of Coloradan respondents saying they partake in cannabis use.
“Close to 50% market penetration is really compelling, as alcohol penetration is around 60%,” says Nielsen.
To learn more about how the cannabis market has grown in 2020.