There are now 9 states that have legally passed recreational cannabis legislation: Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon, Vermont, and Washington. Sales within these states have impressively grown into the billions over the course of the past 5 years. Cash Crop Today brings our readers the top 5 states with the top sales in recreational cannabis so far in 2018.
California with $2.75 Billion Dollars
Not surprisingly, the sunshine state comes in at # 1 on our list. The 6th biggest economy on the plant passed Prop 64 back in November 2016 which lead to the official legalization of recreational cannabis in 2018.
Since the beginning of the year, projections have actually been lower than statistical analyst had anticipated. This can be attributed to the slower than usual legislative process issuing license to cultivators, distributors, and manufacturers in cities like Los Angeles.
The sheer size of the state, population, and millions of tourists traveling to California has managed to attribute to it capturing the highest generated sales so far in 2018. Capable of generating $2.75 billion dollars is a clear indication that California will continue to dominate this category for the foreseeable future.
Colorado with $1.56 Billion Dollars
Colorado was one the first state to legalize recreational cannabis in the country which has given that state the ability to build an impressive market over an extended period of time. Over the course of 2017 Colorado generated $1.5 billion in sales yet, the state was capable of matching that figure in just six months this year.
Colorado has become the country’s hub for cannabis businesses. Mainly because their state lawmakers aggressively pass legislation allowing these businesses to thrive. The market in Colorado remains highly competitive. It is home to some of the top companies involved in the cultivation, manufacturing, extraction, and distribution of cannabis as well as cannabis related ancillary services.
Washington State with $1 Billion Dollars
Third on this Cash Crop 150 list is Washington State who legalized recreational cannabis in 2012, at the same time that Colorado did. Washington has been capable of generating up to $1 billion in recreational cannabis sales despite the reported surplus of inventory on hand in the state.
Cultivators in Washington have flooded the market with dried cannabis flower and cannabis related products causing the reported retail price to drop the price per ounce as low as $50 dollars. The state legislators in Washington are now taking action by limited the amount of square feet allowed to be grown by cultivators, halting any new cultivator licenses from being issued, and eliminating failed business licenses from being transferred from business to business. These measures taken by the states government should get their industry back on track.
Oregon with $777.6 Million Dollars
Oregon state legalized recreational cannabis in 2015. Their ability to generate sales can be attributed to the fact that Oregon is home to one of the largest percentages (25%) of marijuana consumers in the country. Oregonians also consume cannabis more frequently than most Americans. Over 50% of Oregon residents consume cannabis daily, as opposed to California and Washington state at 34%.
Just like Washington state, Oregon is facing a surplus of cannabis cultivators which has caused the price per gram to drop significantly. Though there is a surplus it has not halted an influx of angel investors pouring their money into businesses within the states boarders.
Nevada with $102.7 Million Dollars
When you think of Nevada, most people think of the largely popular tourist destination, Las Vegas. Sin City has become the Nevada’s hub for recreational cannabis sales and the city has exceeded expectation in their first year as a recreational cannabis state. With over $100 million in total sales and nearly 50 million tourists visiting Las Vegas annually Nevada’s sales are expected to continue to impress.