Despite the ongoing economic downturn brought about by the COVID-19 lockdowns, the cannabis industry has managed to prove itself. Find out which U.S. markets are positioned well to dominate throughout the year.
It is almost undeniable that 2020 has been a pretty bad year for almost everyone — what with the continuing pandemic, the economic slow-down, American elections and various other international crises. However, it is worth noting that in many places, 2020 has been notably good for those working with weed.
Perhaps because more people are stuck at home thanks to coronavirus, or perhaps because of the ongoing upward trend in use, marijuana markets around the country have continued to boom throughout this year. Here are a few of the best places for bud businesses across America through the end of 2020 and likely beyond.
Oregon was among the first states to legalize recreational marijuana, and it remains among the best states for selling marijuana. State regulations on the drug ensure that Oregon has the cleanest, purest bud in the country, and the culture of the PNW has increased demand for doja in the years since its legalization. Plus, Oregon borders three states that have strict, anti-cannabis laws: Montana, Idaho and Nevada. Oregonians and those nearby can find a list of well-performing dispensaries here: https://weedmaps.com/dispensaries/in/united-states/oregon/salem-albany
Oklahoma has yet to pass an adult-use marijuana measure, but its medical marijuana program is successful enough to put the state on this list. With loose regulations that allow almost anyone to qualify for a license, the state's demand for medical weed is much, much higher than its current supply. As a result, entrepreneurs and investors should pay attention to the incredible growth of Oklahoma's market over the coming months and years.
Though Ohio lacks a recreational cannabis program — and though its medical marijuana access is quite limited — Ohio's interest in the sticky green herb is piqued. Over 2019 alone, Ohio has enjoyed a 273 percent year-over-year increase in marijuana sales, putting it at the top of the list in terms of percentage growth. It is likely that the Buckeye State will continue to cultivate an interest in cannabis, and those investing in the market will likely profit.
Marijuana has long been a passion amongst the Pacific states, but the East Coast was never as taken with the drug — until Massachusetts passed its own recreational marijuana laws. In 2018 alone, weed sales generated over $404 million in the state, no doubt because Mass is relatively easy to reach for those in Eastern states plagued by prohibitive marijuana laws. Because COVID-19 has postponed most East Coast marijuana measures for another year (or more), Massachusetts's marijuana market is likely to continue its rapid growth.
Florida once had one of the strictest medical marijuana programs in the United States, but it is slowly loosening its regulations to make the program more accessible, more effective and more profitable. In 2019, for example, the state finally permitted the sale of smokable cannabis flower — which caused medical cannabis sales to skyrocket by 93 percent. Today, Florida's medical marijuana market rivals Oregon's and Washington's, even amidst the pandemic.
Currently, Arizona has a middling medical marijuana program, but the state is poised for recreational pot in the coming years. Cannabis industry experts are all but certain that Arizonans will pass an adult-use measure in November's election, opening the door for all sorts of profitable investments. In fact, some projections suggest that Arizona will become a billion-dollar market within four years, putting it in the same league as California and Colorado.
Speaking of Colorado, the first state to legalize adult-use marijuana remains one of the best states for cannabis investment. Though the market is much more mature than those in states with newer or changing marijuana programs, Colorado's stability is a boon for some investors who aren't fond of volatility. Plus, mature and stable by no means discounts success; experts predict that Colorado will garner another billion dollars in sales sooner than 2022.
Michigan opened the door to legal marijuana in the Midwest. Though Illinois is enjoying plenty of positive attention for its progressive adult-use program, Michigan's market has grown and matured with lightning speed, and frequent changes to the program continue to introduce opportunities for investment. For example, Michigan suffers from insufficient supply, so cultivators who can comply with the state's growing regulations stand to benefit.
Those enthusiastic about marijuana are hardly surprised that bud markets are booming in a time of confusion and disarray. It is possible that the pandemic will improve marijuana's reputation and install successful cannabis programs across the United States.
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