U.S. Cannabis Sales Could Top $72 Billion By 2030, Says Leading Researcher
09-Nov-22 05:04:32

U.S. cannabis sales is estimated to rack up a whopping $57 billion by 2030, according to a top researcher. But hold up: That figure could top a whopping $72 billion if the 18 additional states that seem likely to legalize activate their markets.

It's a stunning projection and the latest made by New Frontier Data in its new report that analyzes the current U.S. cannabis economy, which includes potential state market activations, consumption trends, product innovation and sustainability efforts. The factors driving this bullish market estimate are strong consumer demand, an influx of newly operational legal state markets in recent years, the normalization of cannabis consumption and increasing societal recognition of the plant’s therapeutic and wellness applications.

Unfortunately, New Frontier Data does not have a positive forecast when it comes to federal legality; although the firm does put forward the possibility that a cannabis banking reform measure could pass after the 2022 mid-term elections.

Even amid the current federal illegality, New Frontier Data CEO Gary Allen applauds the mainstream acceptance of cannabis. “The seismic shift in public perception around cannabis is fueled in part by the growing exposure that Americans have through legal, regulated markets,” he said in a public statement. “Even in the absence of a federal framework, the resilience and growth potential of a determined industry is laying the foundation for a safe and sustainable consumer category.”

SOURCE: FORBES