Showing No Signs of Slowing Down, U.S. Retail Cannabis Sales On Pace To Rise 40% In 2020

Financialnewsmedia.com News Commentary

PALM BEACH,  Fla., Aug. 12, 2020 /PRNewswire/ -- The North American cannabis market, which has been steadily growing over the past few years, is projected to continue and even accelerate in the years to come. Retail sales of medical and recreational cannabis in the United States are on pace to eclipse $15 billion by the end of 2020, an increase of approximately 40% over 2019 sales figures, according to exclusive projections from the 2020 edition of the Marijuana Business Facebook as quoted in the Marijuana Business Daily. Total U.S. sales could rise as high as $37 billion by 2024, according to projections. The coronavirus pandemic, however, has thrown a huge curveball at projections. To date, spending on adult-use cannabis in markets that aren't tourist-driven has increased, as have sales in nearly every domestic MMJ market. Active companies in the Cannabis market this week include Cannabis Strategic Ventures, Inc. (OTCQB: NUGS), MariMed Inc. (OTCQX: MRMD, Aphria Inc. (NASDAQ: APHA) (TSX: APHA), Sundial Growers (NASDAQ: SNDL), Medical Marijuana, Inc. (OTCPK: MJNA).

The article said: "However, this increased level of spending comes as unemployed workers continue to receive an additional $600 per week in unemployment benefits. This additional assistance, however, is set to expire at the end of July. It remains an open question how cannabis sales will fare if no – or limited – additional financial stimulus is provided to the tens of millions of unemployed U.S. residents. Despite short-term uncertainty, the long-term potential of the cannabis industry remains intact. Sharp sales increases in recently launched medical marijuana programs – as well as continued gains in adult-use markets – are expected to fuel much of the industry's growth over the coming years."

Cannabis Strategic Ventures, Inc. (OTCQB:NUGS) BREAKING NEWS:  Cannabis Strategic Ventures Reports Record $2.3M in July Cannabis Sales on Rapidly Accelerating Growth - Cannabis Strategic Ventures, an emerging leader in the U.S. cannabis marketplace, is excited to announce July monthly performance data, which featured a breakout record sales performance for the Company that far exceeded in-house forecasts and the prior rate of growth underway during the first half of the year.