U.S. Cannabis Sales Could Top $72 Billion By 2030, Says Leading Researcher

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.”

Key findings of the report include:

*Self-reported usage rates have risen sharply since 2012, and if sustained, the number of U.S. consumers will grow from 47 million in 2020 to 71 million by 2030.

*U.S. medical markets continue to expand, with the number of registered patients forecast to increase to 5.7 million in 2030 (1.6% of the adult population).

*Assuming legalization in all 18 potential markets by 2030, 47% of total demand would be met by legal cannabis purchases, up from 27% in 2021, indicating continued disruption of illicit markets.

*Despite strong state-level momentum, the near-term prospects for federal reform are dim, but a limited measure, like cannabis banking reform, is possible following the 2022 mid-term elections.

To get a copy of the report, entitled 2022 U.S. Cannabis Report: Industry Projections & Trends, click here.