Legalizing marijuana in the United States was always going to be a big deal.
Now that several states have legalized it recreationally, it’s becoming clear exactly how big of a deal – around $64B.
A new report by Coresight Research is showing that the marijuana market has nearly tripled over the last three years.
Today, President Joe Biden announced pardons for all people convicted of federal offenses of simple marijuana possession.
It’s a serious signal that federal decriminalization may soon follow, and with the promise of a less perilous future – the industry will continue to boom.
Of the 1,017 people surveyed in 41 states where marijuana is now legal in some form, 22% say they have purchased it for recreational or medicinal purposes in the past 12 months.
The average person spent about $85 per month. 1 in 4 respondents spent less than $30 and 9% spent over $200.
The market is now worth around $64.3 billion annually, which is up from $21.5 billion in 2019.
Where it could be in another three years is anyone’s guess, but it’s probably headed for much higher numbers.