NBA revenue can’t compare to retail cannabis sales numbers
NBA revenue does not compare with the income derived from legal adult-use and medical cannabis sales. $10.6 million to $13 million dollars in sales have been reported from the cannabis space, and in reality, this number is undoubtedly higher. Due to individual states and federal cannabis laws, the exact numbers could be much larger than this.
Interestingly these figures surpass the annual NBA revenue. Though it might be surprising for some, by the end of 2024, the sales of cannabis could far surpass the average yearly spending on craft beer and toothpaste from Americans. Are you a slam dunk for basketball, and does cannabis make a perfect lay-up for any game? We; continuing to support each of these hot commodities will help to keep the race going.
Just the facts
Looking into the marijuana business fact book, one can see that the cannabis business is a significant economic force, and one can only expect this trend to continue. The average cannabis business has yet to reach its full potential in the USA. Marijuana stocks are feeling the pinch of the economic times we face, and NBA revenue is no different. However, cannabis is proving to be a more potent commodity.
Plans for increased sales in medical marijuana programs are being developed, along with the recreational sales market. This market is expected to be the driving force of the marijuana industry, and the rising of marijuana stocks in the coming years.
Florida, Oklahoma, Pennsylvania and Maryland have recently launched their MMJ markets. The results are booming in this venue and, for some, are offsetting the revenue from lost medical cannabis sales to recreational sales where legal adult-use is available. These states include Massachusetts, Michigan, and Illinois. Sales from MMJ in Oklahoma and Florida are poised to exceed 1 billion dollars by 2021. These numbers stand to put these states in the prestigious position of being among some of the rapidly growing cannabis markets in the United States today.
These facts are true for both recreational and medical cannabis sales. California on the other hand, has a massive market and continues to have its struggles. High taxes, many local licensing restrictions, and being entrenched within the illicit market have given the state legitimate concerns. The positive vision for this area's cannabis market will improve as the businesses adapt to the unique regulatory environment and allow recreational pot shops to operate.
The NBA revenue status could be more negatively affected as more states come on board with legalizing cannabis. Arizona and New Jersey may be the next states to be included in the cannabis space. The residents in both of these states will have the opportunity to vote on recreational ballot initiatives this November’s presidential election. The issues the coronavirus has presented to the cannabis industry, NBA revenues, and the world have impacted everyone, and uncertainty has been added to the equation of revenues.
The NBA is hardly in dire straits. Definitely not, in fact, as the league earned a substantial amount in the healthy range of $750 million more in 2019 than the previous year. However, today the world has had a shakeup, and many countries, including the USA, are trying to find the way back to financial stability. For many, cannabis has been a needed companion, both medically and recreationally, during these times. Only time will tell whether or not marijuana stocks will continue to have a bearing on NBA results as far as financial numbers going forward.