US Economic Effect of Weed Sales to Top $112.4 Billion in 2024
The industry will add over $200 billion to the U.S. economy by 2030
The total U.S. economic effect of regulated cannabis sales could top out at $112.4 billion for 2024, roughly a 12% rise in 2023, according to an estimation from the Cannabis industry website MJBiz.
While the industry overall has seen a decline in sales – particularly in mature western markets – the growth of the new recreational and medicinal cannabis facilities in states including Maryland, Missouri and New York continue to promote maturation.
With more new markets on the horizon, the industry will add upward of $200 billion in extra spending to the U.S. economy by the year 2030.
These projections however do not take account of any activity from the U.S. government including federal rescheduling or legalisation, although either of these occurences could boost revenue and economic effect even more.
The figures are the soundest estimate in light of the unusual nature of the rapidly developing cannabis industry, which is governed by differing state regulations but remains illegal under federal law.
Cannabis companies enclose a breadth of agricultural, manufacturing and retail operators as well as companies not directly involved with the plant such as lighting firms and accountants.
What Does the Economic Impact of Cannabis Look Like?
The cannabis industry has a big impact on the wider economy, both state-wise and nationally. This comes directly from the day-to-day needs of employees in the cannabis industry, including life essentials like accommodation, transport, recreation and more.
Taxes amassed from cannabis businesses and customers also play a big role, too. Cannabis businesses, customers and patients pay hundreds of millions of dollars in taxes that are used to finance government activities.
Real estate also obtains growth from new retail, manufacturing and agricultural enterprises that move into an area, or from already trading companies that are expanding and as such increasing more overall need for commercial properties. Cannabis companies can bring new business activity to areas previously overlooked that couldn’t attract other such businesses.
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