Cannabis Sales Expected to Hit $33 Billion in 2022

Cannabis Sales Expected to Hit Billion in 2022

A new study projects that cannabis sales in the United States will reach $33 billion by the end of 2022 and a staggering $52 billion by the end of 2026. The increasing number of states legalizing cannabis is helping to drive the high projections, not action at the federal level. If accurate, the $33 billion cannabis sales figure for 2022 would represent a 32 percent increase over sales in 2021. That projection comes from a study by MJBiz Daily, which focuses on the cannabis market. What’s more, the study projects that the total economic impact of the cannabis industry – including creation of cannabis jobs – could reach $100 billion at the end of 2022 and $158 billion by 2026. Inaction By Congress Won’t Stop Cannabis Growth The new study projects a big increase in both cannabis sales and economic impact even if Congress does not vote to decriminalize cannabis. The U.S. House approved a bill legalizing cannabis in spring 2022, but it’s since hit a snag in the U.S. Senate. “While federal legalization flounders in Washington DC, the American cannabis industry’s economic impact could be near $100 billion by end of 2022 and nearly $158 billion by 2026,” Jenel Stelton-Holtmeier, editor of MJBiz Factbook, told Forbes. “This means that for every $1 that consumers and patients spend at adult-use stores and dispensaries, an additional $1.80 will be injected into the economy, much of it on a local level.” That economic arithmetic has helped drive the continued legalization of cannabis across the country. About 77 percent of the U.S. population now lives in a state with some form of legalized cannabis. Currently, 18 states have legalized adult-use cannabis while 37 have legalized medical marijuana. Washington DC has legalized both. Cannabis Jobs Also Growing Rapidly Estimates on the number of cannabis-related…

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Source : Cannabis Sales Expected to Hit Billion in 2022

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