U.S. Legal Cannabis Sales Surpass $30 Billion in 2024

LOS ANGELES- In 2024, legal cannabis sales in the United States reached $30.1 billion, marking a 4.5% increase from the previous year. This growth occurred despite a 3.4% reduction in industry employment, equating to approximately 15,443 fewer full-time positions, bringing the total to 425,002 jobs.

Analysts attribute the sales growth to the expansion of legal markets and increased consumer demand. However, the employment decline reflects a trend toward operational efficiency and cost management within the industry.

Whitney Economics projects that legal cannabis sales will continue to rise, forecasting $31.4 billion in 2024 and $35.2 billion in 2025. This growth is anticipated despite ongoing regulatory challenges and market adjustments.

State tax revenues from adult-use cannabis have also seen significant increases, with over $20 billion collected since 2014. In 2023 alone, states generated more than $4 billion in tax revenue from adult-use sales.

The industry continues to navigate a complex regulatory landscape, with federal prohibition limiting access to traditional banking services and interstate commerce. Despite these challenges, the legal cannabis market demonstrates resilience and potential for sustained growth.