U.S. Economy To Receive $112.4 Billion Boost from Cannabis Industry in 2024

Green isn’t just the color of cannabis, but cash, too. And thanks to your valiant efforts of consumption, the industry is looking to help out the economy. Info from the newly released MJBiz Factbook reveals that the economic impact of regulated marijuana sales in the U.S. could exceed a whopping $112.4 billion in 2024. That’s a 12% growth compared to last year. 

Overall, the Congressional Budget Office forecasts a slowdown in economic growth for 2024 due to higher unemployment levels and reduced inflation. As a result, the Federal Reserve is likely to lower interest rates starting in mid-2024. After this, economic growth is expected to rebound in 2025 (mark the year in your calendars hopefully you’ll have extra money for weed) and then level off in the following years. So, while 2024 isn’t likely going to be one of the best economic years on record, that’s not the cannabis industry’s fault. Without it, we’d be $112.4 billion poorer as a nation. And as new cannabis markets emerge, the industry is projected to contribute over $200 billion in additional spending to the U.S. economy by 2030.

While it’s exciting to see that the cannabis industry is going to add hundreds of billions of dollars to the economy, keep in mind that MJBiz’s date doesn’t account for potential U.S. government actions like federal rescheduling or legalization, each of which could boost revenue and economic impact. While Biden has said he’d reschedule cannabis and expunge more cannabis convictions, he hasn’t turned out to be the great liberal hero who legalizes marijuana for all. Donald Trump has been all over the place when it comes to cannabis. Thirty years ago, he said drugs should be legal, but he has backpedaled in modern years to appeal to his conservative voter base. Twenty-five years later, at the Conservative Political Action Conference, he said that he thinks marijuana legalization is “bad” and that he feels “strongly about that.”

Keep in mind that the economic impact of the marijuana industry is different from supply-chain revenue, which is commonly utilized to gauge an industry’s ‘total size.’ According to the MJBiz Factbook, total U.S. sales for adult-use and medical cannabis are projected to hit $32.1 billion in 2024 and rise to $58 billion by 2030. 

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