It’s a gold rush… green. The American Cabinet New Frontier Data predicts a rain of dollars for the cannabis industry. According to his calculations, published in a recent report, Americans will buy 57 billion dollars worth of cannabis in 2030. For now, it is sold “only” 32 billion each year.
For analysts, the sum of sales could even rise to 72 billion if the 18 states that have started a legalization process go through with it. The firm attributes this solid growth to a “normalization” and an “recognition of the therapeutic virtues and well-being of the plant by society”. He is not even waiting for legalization at the federal level, as the bills are so bogged down.
“The profound change in public perception around cannabis is partly explained by the fact that more and more Americans have access to legal, regulated markets”, explains the CEO of the firm in the press release. One in three Americans has legal access to cannabis, either for all adults or for the sick.
From 47 million consumers today to 71 in 2030
Logical consequence of this acceptance: the number of consumers should increase. The New Frontier firm estimates it at 47 million in the United States in 2020. It should increase to 71 million in 2030. Two nuances are still to be added to this calculation.
First, the report calls “consumer” a person who has taken cannabis at least once in the year. Next, “five of the ten states with the most users are still years away from legalizing recreational cannabis.” In any case, the number of consumers will be interesting to follow, as the experts are divided on the question.
To arrive at all these figures, the firm tries to determine the growth in the existing markets… but also when the next States will legalize. With a very interesting graphic to the key. For example, Kentucky, which passed a law a few days ago to authorize medical cannabis… should not finally legalize it before 2030. We will have to be patient.
On the other hand, this year 2022 should be the year for New Hampshire and Maryland. In the first state, successive bills have now failed to pass all stages for four years. In the second, the first texts were born in 2017. Proof that it takes time to legalize cannabis.
