Revenues have actually declined on a per-state level for three years now in some states despite inflation. General sales tax receipts are up by 27% since 2020 [0] and meanwhile California's weed sales are down. Even better, until recently they were rising at a rapid pace, having rose 2.82x from Q1 2018 to Q2 2020. [1]
The reason why is obvious to anyone who's attended a party in the last few years: weed isn't cool anymore. Partly by being illegal, it used to be cool, but now it's accessible to anyone. A lot of people had that realization when they heard "oh, I'm into weed now" from their uncool middle-aged uncle whose previous hobbies had included LARPing and painting miniatures. It's not even just about the legality though: smoking a joint is a hell of a lot cooler than sucking on a USB stick that smells like candy grapes, and vapes, being far more convenient, have now been tied to weed's image. Something being cool is far better marketing than any ad ever designed.
The reason why is obvious to anyone who's attended a party in the last few years: weed isn't cool anymore. Partly by being illegal, it used to be cool, but now it's accessible to anyone. A lot of people had that realization when they heard "oh, I'm into weed now" from their uncool middle-aged uncle whose previous hobbies had included LARPing and painting miniatures. It's not even just about the legality though: smoking a joint is a hell of a lot cooler than sucking on a USB stick that smells like candy grapes, and vapes, being far more convenient, have now been tied to weed's image. Something being cool is far better marketing than any ad ever designed.
[0] https://fred.stlouisfed.org/series/QTAXT09QTAXCAT1USYES
[1] https://www.cdtfa.ca.gov/dataportal/charts.htm?url=CannabisT...