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That’s nearly as much as Americans spent on milk in all of 2020. According to the Dairy Farmers of America, consumers spent roughly $12.6 billion on milk last year.

Cannabis sales topped $18 billion in 2020. The six-month trend in 2021 puts the industry on pace to reach $25 billion to $26 billion in sales by the end of the year. That would represent a year-over-year revenue increase of roughly 35%.

That growth would continue the cannabis industry’s position as the nation’s fastest-growing industry. In 2020, sales revenue increased roughly 60% over 2019, driven by increased buying during the coronavirus pandemic.

Some mid-year highlights:

• Mid-year revenues are approaching $12.5 billion (medical and adult-use combined) after first-quarter revenues were $5.8 – $5.9 billion.
• With second-quarter revenues forecasted to be in the range of $6.2 – $6.5 billion, the U.S. legal cannabis market is gaining momentum for a strong back half of the year.
• Based on the latest sales data, Whitney Economics increased its 2021 forecast from $22.2 billion to $25.0 billion, and increased its 2025 forecast to $44.9 billion

Massachusetts on pace to top $1 billion in 2021

In Massachusetts, legal cannabis sales are on pace to reach $1.2 billion in 2021, which would be roughly a 70% gain over 2020. That state’s adult-use stores opened in Nov. 2018. Since then, Massachusetts retailers have sold more than $1.8 billion in cannabis products.

Michigan sales pick up

Revenue in Michigan enjoyed a big bump as winter gave way to spring, with monthly sales of roughly $100 million increasing to the $150 million range in March and April. If that trend holds, Michigan’s 2021 sales would touch $1.6 billion, a 65% increase over 2020 sales.