Experts are predicting a huge increase in marijuana sales. According to Cowen & Co, a research company, U.S. marijuana sales will rise to $75 billion in the next twelve years. As soda’s popularity wanes, legal marijuana sales could surpass soda sales by 2030.
Weed Is More Popular Than Ever. Soda Isn’t.
Recreational marijuana is legal in 9 states, and more are expected to follow suit this year. In addition to these states that allow recreational marijuana use, medical marijuana accessibility is on the rise. According to Bloomberg, over 1/5 of Americans can smoke the herb whenever they want.
More Americans and Canadians than ever are taking advantage of legalization. In 2016, Americans and Canadians combined spend $53.3 billion on weed. This makes Cowen & Co’s initial report that the marijuana market will make $50 billion annually by 2026 alone seem low.
The soft drink market is experiencing the opposite trend. North American soda consumption fell to a 31-year low in 2017. Euromonitor International calculated that the soft drink market went from $78.3 billion in 2016 to $76.4 billion in 2017.
Data analysts expect the trend towards weed, which has numerous health benefits, and away from sugary soft drinks to continue.
Predicted Weed Sales in 2030
This means big profits for legal recreational weed. Noting the sharp increase in weed consumption, Cowen & Co amended its initial prediction of $50 billion per year. Analyst Vivien Azer tells Bloomberg, “New forecasts suggest that the market is already that size.”
The firm now predicts that the weed market will earn $75 billion by 2030. This is closely behind the soft drink market in 2017, which made $76.4 billion. Furthermore, experts expect the profits reaped by soft drink companies to