PORTLAND, Ore. (KOIN) – Move over, chocolate. Step to the side, beer. Cannabis is proving it’s king when it comes to consumer spending, according to a new report.
In its annual MJBiz Factbook, MJBizDaily said that in 2022, U.S. cannabis sales surpassed opioids, chocolate, chicken eggs and craft beer, proving that perhaps more people are indulging in pot these days than other more traditional treats.
The company also forecasts that marijuana retail sales in all states where it’s legal will surpass $33.5 billion in 2023 and the industry is projected to contribute more than $170 billion annually to the U.S. economy by 2028.
This forecast comes after MJBizDaily over predicted retail sales for 2022. Cultivate, a Las Vegas-based cannabis company, said that MJBiz overshot 2022’s sales by $3 billion.
MJBizDaily estimates cannabis sales reached $30 billion in 2022.
In 2022, MJBizDaily said the total value of cannabis capital raises declined by more than 60% year over year.
The company said that for every $10 consumers and patients spend at marijuana retail locations, an additional $18 is injected into the economy.
“Looking ahead, upward of $170 billion in additional spending will be added to the U.S economy in 2028, thanks to the opening and/or expansion of new recreational and medical markets,” said MJBiz Factbook editor Andrew Long.
MJBizDaily said it expects the number of licensed U.S. marijuana businesses will exceed 165,000 in 2023.
According to MJBiz Factbook data, legal marijuana sales still trail behind the video game market, pizza restaurants, cigarettes and tobacco, and electric vehicles.
MJBizDaily said it uses its own research and data from IBISWorld and Grand View Research for its report.