Cannabis sales are expected to soar in 2022

Legal marijuana is becoming increasingly popular. New projections suggest marijuana sales will top $33 billion by the end of 2022.

Released on Monday, this MJBusiness Factbook 2022 forecast anticipates that the industry will continue to grow over the years. By 2025, the industry is expected to generate annual sales of 52 billion US dollars.

RELATED: Legal states collected nearly $4 billion in legal marijuana revenue in 2021

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A growing marijuana industry can only mean more revenue for states. “That means for every $1 that consumers and patients spend at adult stores and pharmacies, an additional $1.80 goes into the economy, much of it at the local level,” said Jenel Stelton-Holtmeier, editor of the MJBiz Factbook, opposite Fortune.

There are currently 18 states with legal recreational marijuana, home to 77% of the US population. Thirty-seven states have laws governing the medicinal uses of the drug.

The past two weeks have seen major strides in legalizing marijuana at the federal level, with the U.S. House of Representatives passing two bills that could legalize it nationwide: the MORE Act and the Medical Marijuana Research Act. While many think the legislation is unlikely to pass the Senate, the industry’s growth suggests things are headed in that direction.

While the current administration claims to be pro-marijuana decriminalization, marijuana remained a very low priority throughout President Biden’s first year in office. Still, White House Press Secretary Jen Psaki said Biden’s administration believes marijuana laws need to change from what they are now.

RELATED: What do Republicans need in the Cannabis Legalization Act to support it?

“As the president said during the campaign, our current marijuana laws are not working,” she said. “He agrees that we need to rethink our approach, including to address racial disparities and systemic inequalities in our criminal justice system, expand research into the effects of marijuana, and support the safe use of marijuana for medical purposes.” It’s not an endorsement of recreational marijuana and it’s not what the majority of Americans think, but it is something.

Marijuana legislation is a touchy subject, something that politics mostly focuses on optics. Politicians will delay it until they can no longer. In the meantime, the cannabis industry will continue to grow, creating more jobs and making significant amounts of money.