3 Charts Showing Projecting Major Growth in the US Legal Cannabis Market by 2030
Thanks to New Frontier Data, we now have data that specifies just how good the next seven years will be for the US legal cannabis market.
1. New legal state cannabis markets are estimated to bring an additional $18 billion in sales by 2030
Source: Dr. Amanda Reiman (Ph.D., MSW), Chief Knowledge Officer, New Frontier Data
Last year, the US legal cannabis market was worth an estimated $29 billion in annual sales across states where cannabis is legal for adult use and/or medical purposes. This year, sales are expected to top $34 billion.
2. The predicted timeline of potential new legal state markets by 2030
Based on New Frontier Data’s analysis:
9 states are demonstrating strong momentum to legalize adult-use cannabis before 2030
9 states seem likely to legalize medical cannabis before 2030
If all states succeed on the predicted timeline, sales in just those new states alone would be an estimated $18 billion by 2030
With the failure of the SAFE Banking Act at the end of 2022, confidence in federal action, rescheduling, or banking reform during the year 2023 is low. But the trend of individual states will continue into 2030, and if these predictions hold, cannabis will be legal (in some form) in 39 states.
3. The potential new legal state markets by 2030
New Frontier Data’s cannabis consumer research has shown that cannabis spending is significantly recession-resilient. While sustained economic contraction through 2023 could result in revenues lower than forecasted, they are anticipated to recover in the following years as consumers regain their spending power, and the legal market continues to grow. The legal market will increasingly offer cost-competitive alternatives to the illegal market.
Summary
The uncertainty around the economic climate, when states will legalize, and when federal reform might happen will have little impact on the anticipated surge of demand for legal cannabis.
Now is an excellent time to get in on the ground floor of well-positioned and well-vetted cannabis companies. Cocannco uses sound financial due diligence to identify and partner with these companies and crowdfunding to provide the cash infusion they need to grow.
Ready to learn more about these investment opportunities with Cocannco?