Cannabis sales in the U.S. are expected to skyrocket after voters approved recreational legalization and as more states consider joining the industry boom. Some analysts estimate that cannabis sales will surpass $50 billion by 2022, with many predicting it could become a trillion dollar market within the next decade or so..

The “the u.s. cannabis report: 2020-2021 industry outlook” is a report that gives an overview of the U.S. cannabis market. The report predicts that the U.S. cannabis market will grow at a compound annual growth rate of 12% over the next five years due to new markets, industry growth, and changes in state laws.

US-Cannabis-Sales-Set-to-Soar-on-Industry-Growth

Thanks to Industry Growth & New Markets, U.S. Cannabis Sales Expected to Soar

Cannabis sales in the United States are expected to reach $30.0 billion in 2022, thanks to the growing acceptance of marijuana legalization and the development of the marijuana sector.

And as more states legalize medicinal and recreational marijuana, that number will continue to rise in the coming years.

Since the U.S. election in 2020, the green wave has been gathering traction. Since then, Arizona (recreational), Mississippi (medical), Montana (recreational), New Jersey (recreational), and South Dakota (recreational) have all legalized marijuana in some form (recreational and medical).

Connecticut, New Mexico, New York, and Virginia are among the four states that have approved legislation to legalize recreational marijuana by 2021. Recreational marijuana is now legal in 19 states and the District of Columbia. Meanwhile, medicinal marijuana is legal in 37 states.

Other states, including Pennsylvania, Rhode Island, and Wisconsin, are considering legalizing recreational marijuana in 2021.

As a result of this scenario, Headset, a Seattle-based cannabis analytics company, has increased its 2022 U.S. cannabis sales forecast to more than $30.0 billion. According to a recent study, sales would increase by 27.7% in 2021, from $18.5 billion to $23.6 billion, and by 29.3% in 2022, to $30.5 billion. (Source: Forbes, July 15, 2021, “Top Cannabis Researcher Ups 2022 U.S. Forecast to $30 Billion Due to More Markets Legalizing.”)

In 2022, marijuana flower is anticipated to be the most important growth driver in the legal marijuana industry. It is expected to account for 47 percent of total cannabis sales in the United States, followed by vape pens (21%), edibles (10%), pre-rolls (9%), and concentrates (9%). (nine percent). The remainder will be made up of capsules, topicals, drinks, tinctures, and sublinguals.

Cannabis sales in the United States are expected to continue to rise in the coming years. Several states may place marijuana legalization initiatives on their midterm ballots in 2022.

Florida, Hawaii, Minnesota, Nebraska, and North Dakota are among the states that have shown interest in legalizing marijuana in 2022.

Even the US Surgeon General supports cannabis decriminalization.

Recreational marijuana is still illegal at the federal level in the U.S., but the much-ballyhooed discussion draft of the Cannabis Administration and Opportunity Act, which is backed by Senate majority leader Chuck Schumer, Senate Finance Committee Chair Ron Wyden, and New Jersey Senator Cory Booker, aims to end to that. (Source: “Cannabis Administration & Opportunity Act,” U.S. Senate, last accessed July 22, 2021.)

The bill would repeal the Controlled Substances Act, provide marijuana businesses access to conventional financial systems, and enable states to regulate cannabis in the same manner that alcohol is controlled.

The bill has a tough fight, but supporters remain optimistic.

To begin with, a staggering 91 percent of American adults think marijuana should be legal for both medicinal and recreational use (60 percent) or medical use exclusively (41 percent) (31 percent ). Only 8% believe marijuana should not be legalized at all. (Source: Pew Research Center, “Americans Overwhelmingly Say Marijuana Should Be Legal for Recreational or Medical Use,” April 16, 2021.)

That’s a significant increase from 2000, when just 31% of people in the United States supported recreational cannabis legalization and 63% opposed it.

What politician would want to dismiss such evidence?

Furthermore, even the surgeon general supports cannabis decriminalization.

“When it comes to decriminalization, I don’t believe that locking people up for marijuana use adds value to individuals or society,” stated Surgeon General Vivek Murthy. “I don’t believe that is beneficial to anyone.” (Source: CNN Politics, July 18, 2021, “Video: Schumer Introduces Legislation to Decriminalize Marijuana.”)

“I do believe that, in terms of our approach to marijuana, I worry when we don’t allow research drive our policy-making process,” Murthy said.

The Cannabis Administration and Opportunity Act would not be the same as complete legalization, but it would be a significant step forward for the cannabis sector in the United States.

Expert Opinion

The legalization of recreational cannabis in the United States is a foregone conclusion. When is the big question? The Senate and House are now controlled by Democrats, but the debate draft of the proposed marijuana decriminalization legislation is still in its early stages.

With marijuana legalization gaining traction, cannabis sales in the United Governments soaring, and cash-strapped states searching for ways to shore up their financial sheets, it’s only a matter of time until Washington, D.C. jumps on board.

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