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Number of US States Topping $1bn in Cannabis Sales To Drop This Year

The number of US states to have legalised adult-use cannabis predicted to achieve total sales of over $1bn has fallen this year, according to new figures from Cannabis Business Times.

Eight states are expected to break the $1bn sales mark in combined adult-use and medical cannabis this year, one less than in 2021 amid falling sales in Oregon and Nevada.

Oregon, which recorded sales of $1.1bn in 2020 and 2021, is forecast to achieve sales of $952m this year, a 4.3% decline on 2022 which also saw a 15.9% year-on-year dip.

Meanwhile, Nevada’s sales are predicted to fall to $859m this year, down from $1.04bn in 2021.

READ MORE: New Jersey Cannabis Industry Stuck in ‘Doom Loop’ Says New Report

While these two states were due to fall below the coveted threshold, Missouri is predicted to be the lone newcomer with sales of $1.3bn.

Alongside Missouri, the other seven states include California, Colorado, Washington, Michigan, Illinois, Massachusetts and Arizona.

Despite the overall decline, the publication points out that nine states among the 20 to have legalised adult-use cannabis sales have launched their programmes since the start of 2022.

These markets are expected to drive nationwide cannabis sales up by 12% by the end of 2023, topping $29.6bn, with the 12 largest markets accounting for two thirds of the total.

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