No longer reeling from a bear market, the American cannabis industry appears poised to continue its growth throughout 2021.
Some states stand out to investors more than others due to strong performances and first-year potential.
According to Headset Data Analyst Cooper Ashley, sales from January to November of this year saw Massachusetts post the highest year-over-year gains. The state earned $621 million in sales during the period, which was considered a shortfall due to the two months of closures.
California saw strong growth in 2020, increasing revenue 50% on the way to earning $3.78 billion in sales.
Oregon ranked third with a 41% increase, totaling over $1 billion in 2020 sales.
Others topping the list included Washington (29%, $1.3 billion), Colorado (25%, $1.6 billion) and Nevada (11%, $649 million).
Ashley noted that Michigan did not receive a year-over-year value since its sales began on Dec. 1, 2019. However, the Wolverine State is considered another top performer, with sales topping $400 million in 2020.
"After a …