Cannabis is now the sixth largest profitable crop in America

According to a report released Nov. 2 by Leafly.com and Whitney Economics, marijuana grown for the federally legal market for adult use in 2021 had a market crop present value of over $5 billion, making it a sixth most lucrative source of income in the market ranks the country. On a wholesale basis, only corn, soybeans, wheat, hay and cotton generate more sales.

Cannabis is grown for the legal market in New Jersey, Alaska and Massachusetts. It is considered the “single most valuable crop”.

Adults in 15 states will be able to purchase cannabis products from state-licensed retail outlets beginning October 2022. According to the study, there are 13,297 legal cannabis farms operating in these 15 states, employing thousands of people full-time.

According to the authors’ subsequent analysis, the total amount of marijuana grown in these jurisdictions increased by 24% over the past year to 2,834 tons in 2021.

Jax James, State Policy Manager for NORML said: The legalization and regulation of cannabis allows for more job opportunities, increased tax revenues and safe access to quality goods at increasingly reasonable costs. This economic evidence shows why legalizing cannabis is a better course of action than criminal prohibition.

Although the legal marijuana market is one of the most important agricultural crops in America, there are still several exclusive barriers such as: B. excessive taxes, lack of banking or credit options, expensive insurance rates and exorbitant license fees. Additionally, numerous state agencies and the US Department of Agriculture do not collect data on the cultivation and sale of cannabis.

The report’s authors concluded that it is time to remove the stigma attached to cannabis production. Many state farming organizations and policy makers still see cannabis breeders as marginal. Certain Right to Farm laws specifically prohibit the cultivation of cannabis. The majority of cannabis producers are legally required to hide their crops as if it were possible to get high just by looking at a fan leaf. These unjust and senseless actions are being carried out against a legitimate crop, which is one of the most popular crops in every state that has legalized adult use.

REPORTS ON THE VALUE AND QUANTITY OF CANNABIS GROWN

Cannabis prices fell despite a year of unprecedented inflation, as reported in the new 2022 Leafly Cannabis Harvest Report, released Nov. 2. In 2022, the US produced 554 tons more cannabis for adult use compared to the previous year. However, the value of the crop fell by $1 billion. This is done so that the cost of marijuana will decrease once it becomes legal. This summer, wholesale costs in Colorado hit record lows due to industrial agriculture and advanced technology. Oregon has a flower price of $4 per gram.

Further price reductions are planned. As a result, the paper concludes that we are only halfway through Prohibition.

Last year, 2,834 tons of cannabis were grown for adult use, as reported in the second annual Leafly Cannabis Harvest Report 2022. Nationwide studies show that only about 14 percent of annual marijuana demand in the United States, 2,834 tons, is satisfied. As a result, the ban is still 24% away from being a devastating failure. You need to speak up if you want Congress and the remaining restricted states to legalize marijuana.

According to the 2022 Leafly Cannabis Harvest Report, marijuana producers in the western U.S. have often overexpanded over the past year. Meanwhile, farmers in the Midwest and East were not producing enough to meet demand in their areas. Licensed farmers are prohibited by federal law from selling across state lines. However, the black market does. Legitimate farmers in the West are being hurt by this dynamic, while customers in the Midwest and East Coast are paying inflated fees. For example, marijuana costs in these two states are among the highest in the nation. Residents of Colorado, Oregon, and California pay some of the lowest rates.

Their findings show that Congress needs to present President Biden’s cannabis reform proposals before the end of this year to satisfy 68% of voters’ wishes. Americans want to support craft, tradition and sustainable cannabis with their money, but cannot do so yet. With each day they wait, small farms fail and corporate farms take control.

In response to the field’s rapid change, dozens more farmers came forward, showing regional booms and busts.

PREVIOUS RANKING

According to a foliar study, cannabis was the fifth most profitable crop in the US in 2021. In fact, only hay, soybeans, wheat, and corn outperformed cannabis, which also outperformed rice, cotton, and peanuts. It would be interesting to see if the inclusion of data on medicinal cannabis growth would improve its ranking.

And while the 2020 crop was the fifth most lucrative in the U.S. overall, it was the most valuable crop in Oregon, Nevada, Alaska, Massachusetts and Colorado. It finished second in Arizona, third overall in Illinois and Michigan, and fourth in Arizona.

Alaska’s 2020 cannabis crop was more valuable than the sum of all other agricultural products combined. Alaska isn’t recognized as a model for agriculture, but it’s still a remarkable fact.

The fact that Massachusetts’ bountiful cranberry harvest lagged behind cannabis production was another surprise.

Cannabis was first legalized for adult use in Colorado in 2012 and is now the state’s most lucrative crop. More importantly, it has now surpassed the black market, with authorized stores offering 80% of the cannabis used in the state. It would be wise for the other states to pay attention. Legal markets seem to take some time to replace illegal sales.

California, the country’s largest agricultural state, was conspicuously absent from the rankings. A good combination is almonds and grapes. With annual sales of $5.6 billion for almonds and $4.5 billion for grapes, almonds have been California’s top source of revenue. For cannabis to surpass these numbers, it needs to catch up. But if the cannabis industry develops in California, it could eventually overtake everyone else.

FINAL EFFECT

The marijuana market in the United States is growing rapidly and has proven extremely profitable, ranking in the top 10 most valuable crops in the country, surpassed by only a handful of crops. It is even considered the most valuable in some states of the country.

CANNABIS AS A PLANT, READ MORE…

MAINE’S CROP #1 IS NO MORE BLUEBERRIES, READ THIS!