Once an illicit industry, the marijuana market in the U.S. is now a booming business. Recreational marijuana for adults 21 and older is now legal in 18 states, two territories, and the District of Columbia. Medical marijuana is legal in 36 states and four territories. The billion-dollar industry’s still illegal federally. However, that might change with 91% of U.S. adults supporting legalization.
The U.S. cannabis market is on track to reach $31 billion in sales by the end of 2021. According to Kiplinger, that’s a 41% increase over 2020. Despite a slight slump in the stock market in the past few months after Congress failed to pass measures for marijuana banking reform, 2022 looks bright.
Sales are going up across the board, from ingestible treats like Firecracker edible to concentrates, oils, and vape cartridges. When the world’s largest cannabis-infused brownie hits mainstream media, you know the market’s hitting popularity levels never seen before.
The growth will continue as cannabis slides into other areas of mainstream life, such as consumption sites that are approved in certain legal states, including Nevada and New York.
Legalization is also increasing growth in supporting industries, including:
- Real estate for cultivation, processing, and storefronts
- Technology for compliance, management, and plant/product tracking
- Hydroponics and cultivation products
- Consumption accessories
- Lab tech and testing
These are only a few areas where experts predict growth. The medical and CBD markets are also experiencing successful sales.
A Change in Consumer’s attitudes
Mainstream acceptance is the key to the industry’s growth. The transformation is noticeable in consumer preferences. A significant number of U.S. adults favor cannabis over alcohol, with beer sales slumping in states with legal marijuana.
A 2019 report found alcohol binge drinking down by 9% from the national average, and there was an 11% difference from states without legal cannabis sales.
Consumers are also changing how they use marijuana, with many users turning to and even starting with infused foods and drinks over more traditional methods, such as smoking. What’s available to customers is also expanding. You can find everything from infused lozenges to Firecracker edible to beer, wines, and sodas.
Legalization Continues to Grow
The number of states that legalized marijuana continues to increase. Legalization is in the U.S. territories and expanding in several other countries, such as Mexico and Europe.
More U.S. states are projected to legalize adult or medical use in 2022 including,
- Delaware (Recreational)
- Mississippi (Medical)
- Ohio (Recreational)
- Pennsylvania (Recreational)
- Rhode Island (Recreational)
- Wyoming (Medical)
- Nebraska (Medical)
Advocates are watching several other states that have promising signs of legalization, such as Florida and Missouri for adult use and North Carolina for medical marijuana.
Big Business Interest in Cannabis
As cannabis gains momentum, several big businesses are interested in getting a piece of the action. The only thing holding back many major corporations is the federal status of marijuana. It’s only natural for leading companies like Altria, a tobacco supplier, and Anheuser-Busch, wanting a slice of the billion-dollar industry.
Mainstream businesses are itching to invest in anything from infused products to premium flowers, like weed Firecracker.
As the industry gains momentum, this is only the beginning of a promising future with no signs of slowing down. The Metaverse is even GETTING involved in the cannabis space. One company,The SMUGGLEVERSE has even created “Digital Weed” NFTs. Their first strain, CRYPTONYTE has taken the Metaverse by storm and they have created real world smuggling economics to the Metaverse. You can buy, cut, stack, and sell and according to their website, “CRYPTONYTE™ is the first digital cannabis strain ever to be smuggled into the Metaverse, which has cemented its status as the legendary ‘OG STRAIN’. Using SMUGGLEBOT’S proprietary technology, only 20-Pounds of this prolific strain will ever be created.”
The future looks…HIGH!