The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year, according to analysis from the newly released MJBiz Factbook.
While the industry has experienced sales declines – especially in mature western markets – the expansion of new recreational and medical marijuana facilities in states such as Maryland, Missouri and New York continue to foster growth.
With more new cannabis markets on the horizon, the industry will add upward of $200 billion in additional spending to the U.S. economy by 2030.
“The economic impact of the marijuana industry is not the same as supply-chain revenue that is often used to estimate the ‘total size’ of an industry,” said MJBiz Factbook Editor Andrew Long.
This means that for every $1 consumers and patients spend at adult-use cannabis stores and MMJ dispensaries, an additional $2.50 will be injected into the economy, much of it at the local level.
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Read Andrew’s story to learn when the economic impact of the cannabis industry is expected to cross the $200 billion mark.