Marijuana dispensaries earn more than Whole Foods per square foot, not to mention outpacing actual pharmacies.
Marijuana dispensaries make $974 per square foot, while Whole Foods earns $930 and pharmacies earn $676, Leafly, a pro-pot magazine, reported Tuesday.
“Revenue per square foot is a commonly used metric to determine how efficient a retailer is in using its assets to generate sales,” Marijuana Business Daily (MBD) explains in a recent post. “It is driven in large part by the size of the operation, the price point of the product and overall sales levels”
For reference, the top earner on a per-square-foot basis was Apple, which earns an impressive $4,800, while jewelry stores came in second earning $3,132, MBD’s chart shows.
The sales from marijuana dispensaries could reach as much as $11 billion by 2020, according to 24/7 Wall St. The study, which was conducted by Marijuana Business Daily, says that for every one dollar spent on marijuana, the economic benefit is three dollars.
“The projections reflect marijuana’s march towards the mainstream as it emerges from the shadows to become a respectable, above-board industry that is giving birth to scores of jobs, fostering new business opportunities and creating a broad ripple effect across the country,” Chris Walsh, managing editor of Marijuana Business Daily told 24/7 Wall St. “We’re witnessing the emergence of a business that is about to become a massive economic force.”
Legal dispensaries are so popular that they have even far outpaced sales of one of America’s greatest gifts to the world: girl scout cookies. Legal marijuana accounted for $3.4 billion dollars in sales last year, according to Fortune, while girl scout cookies earned a paltry $776 million.
Medical marijuana is legal in 25 states, with four states having fully legalized it and another 10 states are contemplating full legalization.
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