The cannabis industry in the United States has been growing at an unprecedented rate in recent years, and a new report by New Frontier Data suggests that this trend is set to continue. According to the report, U.S. cannabis sales are projected to reach $71 billion by 2030, even in the absence of federal legalization.
The report, titled “The Cannabis Industry Annual Report: 2021 Edition,” provides a comprehensive analysis of the current state of the cannabis industry in the United States. It examines the various factors that are driving growth in the industry, including changing attitudes towards cannabis, increasing legalization at the state level, and the emergence of new cannabis products and delivery methods.
One of the key findings of the report is that the legal cannabis market in the United States is expected to grow at a compound annual growth rate (CAGR) of 17% over the next decade, reaching $41 billion by 2025 and $71 billion by 2030. This represents a significant increase from the estimated $19 billion in legal cannabis sales in 2020.
The report also highlights the importance of the medical cannabis market, which is projected to account for approximately 40% of total cannabis sales by 2025. This is due to the increasing acceptance of cannabis as a legitimate medical treatment for a variety of conditions, as well as the growing number of states that have legalized medical cannabis.
Despite these positive projections, the report notes that there are still significant obstacles to the growth of the cannabis industry in the United States. One of the biggest challenges is the lack of federal legalization, which has created a patchwork of state-level regulations that can be difficult for businesses to navigate.
In addition, the report highlights the ongoing stigma surrounding cannabis use, which can make it difficult for businesses to attract investors and customers. However, as attitudes towards cannabis continue to evolve and more states legalize its use, these obstacles are likely to become less significant over time.
Overall, the New Frontier Data report provides a detailed and insightful analysis of the current state of the cannabis industry in the United States. While there are still challenges to be overcome, the projections for future growth are extremely positive, suggesting that the industry is poised for continued success in the years to come.
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- Source: Plato Data Intelligence: PlatoData