By Arunima Kumar

(Reuters) – U.S. marijuana producer Green Thumb Industries, (OTC) Inc saw its third quarter revenue rise nearly 49%. This was due to increased distribution channels and more traffic to its retail outlets.

After last year’s long lockdowns that lasted months, record numbers of Americans used cannabis products to relax. Retail stores now enjoy the rewards as customers return after their pandemic restrictions have eased.

American consumers have overwhelmingly chosen cannabis as a means of enhancing their well-being. “People are asking for this product, and we see it growing,” Ben Kovler, Chief Executive Officer of Reuters told Reuters.

Kovler estimates that the U.S. cannabis market is worth $24 Billion annually, according to independent research data. The industry could double in size as new products, consumers, and states enter the market.

New policy changes in favor of the marijuana industry, which include access to federal banks and hopes of federal decriminalization, have encouraged optimism from investors.

Kovler explained that “we believe that American consumers are going to consume $80billion annually cannabis, which means that at least $50billion more legal cannabis sales will be made in the coming decade.”

Green Thumb, a Chicago company, saw its profit increase more than twice to $20.2million, which is 8 cents per share in the third quarter ending Sept. 30.

Revenue climbed to $233.7 million, from $157.1 millions last year. That’s narrowly above a Refinitiv IBES estimate that was $233.3 million.

Green Thumb’s 16 manufacturing units, 66 retail outlets as well as operations throughout 14 U.S. state, reported a 7.3% increase in retail revenue sequentially. This was due to the opening of new stores and increased foot traffic into older ones.