Retail cannabis sales in the United States hit a record in October, according to data from wholesale marketplace LeafLink.
A report of national cannabis sales for the third quarter of 2024 showed that retail sales of regulated marijuana products fell 2.1% from the previous month but rose 6.2% from last year, reaching about $2.8 billion. Total retail sales for 2024 are expected to come in at a total of approximately $32.6 billion, a 10.8% increase over 2023.
“The U.S. cannabis industry shows no signs of slowing down, with projections suggesting it could become a $55 billion market by 2030, growing at an annual rate of 11%,” LeafLink’s report on third quarter data notes. “Much of the near-term growth in 2024 and 2025 will come from newly issued licenses in states like New York, New Jersey, and Ohio, expanding retail capacity and fueling market momentum.”
The report also notes that retail sales have shown gradual growth over the year, with a 2.6% increase from January to October. Except for occasional monthly dips in sales, “the overall upward trend highlights a resilient retail market, which is beneficial as it points to sustained consumer interest and a strengthening market foundation.”
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