U.S. Cannabis Sales to More than Double by 2030

LOS ANGELES — New Frontier Data just released its annual market update, the 2022 U.S. Cannabis Report: Industry Projections & Trends, in collaboration with FTI Consulting.

Annual legal cannabis sales in the United States are expected to exceed $57 billion by 2030 — a 14 percent CAGR — in current legal states, and $72 billion if the 18 additional state markets poised to legalize are activated, according to the analysis. 

Convergent drivers, such as strong consumer demand and an infusion of newly operating legal state markets in recent years, have propelled overall growth. 

In addition, as the plant’s therapeutic and health benefits become more widely recognized, more adults are regularly using cannabis.

“The rising exposure that Americans have through legal, regulated markets is spurred in part by the seismic shift in public attitude around cannabis,” said Gary Allen, CEO of New Frontier Data. 

“Even in the absence of a federal framework, a determined industry’s resilience and development potential is building the groundwork for a safe and sustainable consumer category.”

Other significant findings include:

Self-reported consumption rates have risen dramatically since 2012, and if current trends continue, the number of consumers in the United States will increase from 47 million in 2020 to 71 million by 2030.

Medical markets in the United States are continuing to grow, with the number of registered patients expected to reach 5.7 million by 2030. (1.6 percent of the adult population).

Assuming legalization in all 18 probable markets by 2030, legal cannabis purchases would account for 47 percent of overall demand, up from 27 percent in 2021, showing that criminal markets will continue to be disrupted.

Despite considerable state-level movement, federal reform is unlikely in the near future, although a limited measure, such as cannabis banking reform, may be achievable after the 2022 mid-term elections.

The 2022 U.S. Cannabis Report: Industry Projections & Trends is available for free at https://info.newfrontierdata.com/us-cannabis-2022.