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Monday, May 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Cannabis

American cannabis sales expected to rise by over 9% this year

The marijuana data firm Whitney Economics estimates that the United States will rake in US$2.6 billion more than last year

Annual American cannabis sales expected to rise by over 9% this year
Photo credit: Green Thumb Industries -- a Chicago-based cannabis company

Cannabis consumption in the United States continues to rise and the sales total in the country this year is expected to be over 9 per cent higher than it was in 2023.

That is according to Oregon’s pot data firm Whitney Economics, which estimates that marijuana sales will increase by US$2.6 billion year-over-year in 2024 for a total of US$31.4 billion.

“Although there are uncertainties in the near-term outlook, demand for legal cannabis in the U.S. will remain strong throughout the decade with growth coming from newer markets,” Founder Beau Whitney said. He claims that his firm’s assessments last year were 98.3 per cent accurate.

Whitney expects that American sales in 2025 will ascend even more with a predicted total of US$35.2 billion. The firm expects continued growth for the remainder of the decade and beyond, with US$87 billion in yearly sales expected by 2035.

“Our firm provides these updated U.S. numbers as a service to help educate others on key issues in the cannabis industry,” Whitney added.

Read more: Colorado bill threatens free speech online by targeting cannabis advocacy

Read more: Trulieve sues former CFO over using vast sum of company cash for personal luxuries

Rescheduling potentially on the horizon

Whitney has published over 20 white papers on cannabis since it was founded in 2014.

One of the firm’s most recent reports from October found that the American cannabinoid industry supports the employment of over 328,000 workers.

“Overall, the total economic impact of the hemp-derived cannabinoid industry on the U.S. economy is in excess of US$79 billion,” the report said.

American Vice President Kamala Harris recently stated that the U.S. Drug Enforcement Administration was working as quickly as possible to reschedule cannabis from its current status as a Schedule 1 drug.

If this comes to fruition, cannabis businesses in states where the plant has been legalized would be able to deduct expenses from their taxes. Whitney has estimated that pot retailers will collectively pay about US$2 billion in taxes next spring due to the plant’s current federal status.

“Marijuana is considered as dangerous as heroin and more dangerous than fentanyl, which is absurd,” Harris said.

 

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