Starbucks is surely a household name in the US, and we’ve all likely heard the teasing joke about how every corner is adorned with this coffee-giants green shopfront. However, there may be a newcomer ready to take their spot as the commercial giant in the US! Legal cannabis sales have overtaken Starbucks in 2021, is cannabis the next big thing? Let’s find out.
Legal cannabis sales have recently surpassed those of Starbucks -by near a whopping third- as shown in MJBiz Factbook. This is shocking to some certainly, but not all.
Many of us are aware of the benefits of cannabis, and there is a large majority of Americans who continue to fight for the continued disintegration of the prohibition on cannabis would not be surprised by this fact. The legal cannabis industry is in its infancy, and it is steadily climbing up the business ladder, and it seems to be gaining popularity in the mainstream media as it slowly but surely loses its stigma.
Starbucks is a highly commercialized item, it’s likely that many of us have indulged in a cuppa or two from them at least once in our lives. The fact that regulated cannabis sales have overtaken Starbucks sales is an impressive enough feat and it is made even more impressive when you take into consideration the fact that coffee is legally allowed to be sold in all 50 states, whereas cannabis has only recently been allowed to be sold in up to 39 of them.
From 2020 to 2021 the rate of growth in cannabis was favored over that of Starbucks. During the fiscal year 2021, Starbucks’ yearly revenue in North America increased by 25%. In comparison, the cannabis business reported a 30% increase in sales last year.
Cannabis is used for a variety of purposes, including sleep aid, pain management, and recreational use. Sales are set to increase in 2021 as people turn to the plant for a number of reasons, especially with mental health difficulties on the rise following the epidemic. Sales of over-the-counter sleep aids — one of the most widely cited uses for cannabis – grew less than 1% in 2021, according to the Consumer Healthcare Products Association.
Over-the-counter pain medication sales increased by 5%. In the same time period, cannabis sales for medical and adult use increased by nearly 30%. However, there was likely more to this increase than simple medical cannabis use. Consumers also adopted vices that had previously been on the decline during the pandemic. According to Statista, cigarette unit sales climbed in 2021 for the first time in 20 years.
Separately, current estimates show that the legal cannabis industry in the United States is slightly greater than the worldwide market for opioids, which is encouraging for people concerned about opiate abuse. However, it is impossible to determine the direct impact of cannabis legalization on opioid use. What we can say for sure is that the legal cannabis market is certain to continue its rise up the sales ladder, especially as more cannabis legislation reform is rolled out.
Enjoyed that first hit? Come chill with us every week at the Friday Sesh for a freshly packed bowl of the week’s cannabis news.