The cannabis industry in the United States has been growing rapidly in recent years, despite the fact that it remains illegal at the federal level. According to a new report from New Frontier Data, this trend is set to continue, with U.S. cannabis sales projected to reach $71 billion by 2030 even without federal legalization.
The report, titled “The U.S. Cannabis Report: 2019 Industry Outlook,” predicts that the legal cannabis market in the U.S. will grow at a compound annual rate of 14% over the next decade, reaching $30 billion by 2025 and $71 billion by 2030. This growth is expected to be driven by a combination of factors, including increased consumer demand, the expansion of legal markets, and the development of new products and delivery methods.
One of the key drivers of this growth is the increasing acceptance of cannabis among consumers. As more states legalize cannabis for medical or recreational use, more people are trying it for the first time and discovering its potential benefits. In addition, as the stigma surrounding cannabis use continues to fade, more people are willing to openly discuss their use and advocate for its legalization.
Another factor driving growth in the cannabis industry is the expansion of legal markets. Currently, 33 states and the District of Columbia have legalized cannabis for medical use, while 11 states and D.C. have legalized it for recreational use. As more states legalize cannabis, more opportunities arise for businesses to enter the market and for consumers to access legal products.
Finally, the development of new products and delivery methods is also expected to drive growth in the cannabis industry. As more research is conducted on the potential medical benefits of cannabis, new products are being developed that target specific conditions or symptoms. In addition, new delivery methods such as edibles, topicals, and vaporizers are making it easier and more convenient for consumers to use cannabis.
Despite these positive trends, however, the lack of federal legalization remains a major obstacle for the cannabis industry. Because cannabis remains illegal at the federal level, businesses operating in the industry face a number of challenges, including limited access to banking services and restrictions on interstate commerce. In addition, the federal government’s continued enforcement of cannabis prohibition creates uncertainty for businesses and investors.
Despite these challenges, however, the cannabis industry in the U.S. is poised for continued growth in the coming years. As more states legalize cannabis and consumer demand continues to increase, businesses operating in the industry are likely to see significant opportunities for growth and expansion. Whether federal legalization will eventually occur remains to be seen, but for now, the cannabis industry appears to be thriving regardless.
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- Source: Plato Data Intelligence: PlatoData