Green isn’t just the color of cannabis, but cash, too. And thanks to your valiant efforts of consumption, the industry is looking to help out the economy. Info from the newly released MJBiz Factbook reveals that the economic impact of regulated marijuana sales in the U.S. could exceed a whopping $112.4 billion in 2024. That’s a 12% growth compared to last year.
Overall, the Congressional Budget Office forecasts a slowdown in economic growth for 2024 due to higher unemployment levels and reduced inflation. As a result, the Federal Reserve is likely to lower interest rates starting in mid-2024. After this, economic growth is expected to rebound in 2025 (mark the year in your calendars hopefully you’ll have extra money for weed) and then level off in the following years. So, while 2024 isn’t likely going to be one of the best economic years on record, that’s not the cannabis industry’s fault. Without it, we’d be $112.4 billion poorer as a nation. And as new cannabis markets emerge, the industry is projected to contribute over $200 billion in additional spending to the U.S. economy by 2030.
While there were sales dips in established western markets (licensed retailers in California reported taxable sales exceeding $5.1 billion in 2023), marking a 4.7% decline from the previous year, according to the latest year-end data from the California Department of Tax and Fee Administration, you may have read about the California mass extinction), the cannabis industry continues to see growth through the expansion of new recreational and medical marijuana facilities in states like Maryland, Missouri, and New York.
While it’s exciting to see that the cannabis industry is going to add hundreds of billions of dollars to the economy, keep in mind that MJBiz’s date doesn’t account for potential U.S. government actions like federal …
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Author: Sophie Saint Thomas / High Times
