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Report: Retail Marijuana Sales In U.S. Rival Taco Bell

Retail marijuana sales in the U.S. are fast catching up with sales of more established products and services.

According to data compiled by the Marijuana Business Daily, Americans spent between $8.6 billion and $10 billion on legal recreational and medical cannabis in 2018.

The figure has already topped the combined spending on e-cigarettes, the Fortnite video game and Goldfish crackers. It now rivals fast-food chain Taco Bell's annual U.S. revenue of $10.8 billion.

By 2020, retail marijuana sales in the U.S. will likely surpass the National Football League's annual revenue figure, according to the data. The NFL generated revenues of $15.0 billion in 2018.

Further ahead, sales of legal cannabis in the U.S. could exceed Americans' collective spending on gym memberships by the end of 2023.

The report noted that much of the growth over the coming year would be from continued sales gains in recreational markets as well as the rapid development of medical marijuana programs in newly legalized states. However, over the long term, recreational markets will account for most of the sales growth.

From 2018 to 2023, sales of legal cannabis in the U.S. are expected to grow by nearly 200 percent, according to the report.

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