Rethinking Cannabis Potency

Jun 2, 2023 | Education

U.S. Cannabis Sales Could Total $71B in 2030 Without Federal Legalization

According to the recently released 2023 U.S. Cannabis Report by New Frontier Data, if the pace of state-level legalization continues without federal policy reform, the annual sales of cannabis will more than double in the next seven years. The report, sponsored by Cannacare Docs, provides insights into current and projected sales, consumers, supply, and prices for both adult-use and medical cannabis in the United States.

 

Gary Allen, the CEO of New Frontier Data, stated that “the U.S. cannabis industry will be buoyed by new markets coming online” as more established markets stabilize across the country. The report indicates that legal cannabis sales in the U.S. reached $30 billion in 2022 and are projected to exceed $35 billion in 2023. Moreover, the report predicts that legal cannabis sales will reach $71 billion by 2030 if the pace of state-level legalization continues in the absence of federal policy reform, while it would still reach $58 billion if the pace stagnates. Additionally, the report estimates that around 54 million U.S. adults will consume cannabis in 2023 across both legal and unregulated markets, which will grow to 69 million by 2030.

The report also reveals that the total number of registered medical cannabis patients surpassed 4.5 million in 2022, and it is expected to increase to 5.2 million by 2030. The average U.S. consumer price per ounce of flower has declined 10% since 2010, dropping from $325.46 to $294.15. However, inflation, high taxes, and competing illicit markets are compounding price pressures in mature legal markets. Moreover, a potential recession could negatively impact cannabis consumer spending in the medium term. Despite these challenges, the report states that they will have little effect on the surging demand for legal cannabis and the broader transition of consumers into legal markets.

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For those interested in learning more about the report, a complimentary copy of the 2023 U.S. Cannabis Report: Market Updates & Projections can be downloaded from the New Frontier Data website. New Frontier Data is a data, analytics, and technology firm specializing in the global cannabis industry. Its mission is to inform policy and commercial activity for the global legal cannabis industry. The company maintains a neutral position on the merits of cannabis legalization and delivers solutions that enable investors, operators, advertisers, brands, researchers, and policymakers to assess, understand, engage, and transact with the cannabis industry and its consumers. New Frontier Data was founded in 2014 and is headquartered in Washington, D.C., with a presence in Europe, Latin America, and Africa.

Original Source: New Frontier Data

Date Published: April 4, 2023

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