U.S. Cannabis Market Projected To Top $31 Billion This Year
March 26, 2024The American legal cannabis market is forecasted to exceed $31.4 billion for 2024, according to new data released by consulting firm Whitney Economics. That would mark a year-over-year growth rate of over 9%, with the combined adult-use and medical markets across the U.S. adding more than $2.5 billion over 2023.
“Although there are uncertainties in the near-term outlook, demand for legal cannabis in the U.S. will remain strong throughout the decade, with growth coming from newer markets,” said Whitney. The firm noted that cannabis sales have faced challenges since the end of the pandemic, with a combination of changing consumer behaviors, inflation, and regulatory challenges.
Looking further ahead, Whitney predicts the U.S. cannabis market will reach over $35 billion for 2025, forecasting 12.1% growth over this year, with longer-term predictions for 2030 and 2035 showing market value of just under $70 billion and $90 billion, respectively. Whitney’s forecast is made by analyzing market factors like industry trends, the influence of the black market, and revenue in previous years, as well as shifts or developments in the regulatory landscape. —Shane English
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