Retail sales of cannabis in states where it is legal for either medical or adult use are estimated to top $72 billion annually by 2030, according to projections provided by the analytics firm New Frontier Data.
Their analysis predicts that several additional states – including Florida, Missouri, and Ohio – will regulate adult use markets in the coming years, while as many as nine other states will legalize medical use. Missouri and Ohio are among a number of states where voters are anticipated to decide on the issue of legalizing marijuana this election.
In 2021, analysts estimated that state-licensed retailers sold nearly $27 billion in cannabis products and that 428,000 workers were employed full-time in the marijuana industry.
Full text of the New Frontier Data’s economic analysis is online.