Cannabis Industry Poised for $112 Billion Impact in 2024

LOS ANGELES- The cannabis financial market has been showing signs of both growth and challenges in 2024. The U.S. cannabis industry is projected to contribute $112.4 billion to the economy by the end of the year, with a continued upward trajectory expected through 2030. Despite lingering federal restrictions, the industry has seen strong revenue generation, particularly from new markets and ongoing legalization efforts across various states.

Revenue from both recreational and medical cannabis sales in the U.S. is expected to reach $32.1 billion in 2024, with this figure likely to grow as more states implement cannabis-friendly legislation. Some of the key players in the cannabis industry, such as Tilray and Green Thumb Industries, reported solid revenue growth in the first half of 2024, while other companies like Canopy Growth and Curaleaf experienced more modest increases. Despite these gains, the market remains volatile, particularly due to regulatory uncertainties and federal restrictions​

In Canada, however, high excise taxes continue to pose a challenge for cannabis operators, with the federal budget failing to provide much-needed relief for the industry​. Overall, while the cannabis industry shows potential for long-term growth, financial performance varies greatly across companies and regions.