Cannabis Sales Forecast 2024 | LOOKAH

Cannabis Sales Forecast for the USA 2024

Cannabis has had a turbulent history in America. It was once considered a “gateway drug,” but today pharmacies are opening in major cities across the USA.

People who were once charged with simple possession or consumption of cannabis will pardoned for their previous charges. It hasn't been easy, but now the cannabis industry is thriving into a major industry with no shortage of people looking to expand into the business.

This expansion has become even more evident in recent Projections This will put legal cannabis sales above $31 billion in 2024. If these projections come to fruition, that would be a 9.14% increase over the 2023 total. This total is a notable increase for any industry, let alone one that is still in its early years.

Below we examine some of the factors contributing to the growth of this industry and what needs to happen to keep it going.

What has contributed to the growth of the cannabis industry?

There is never a single factor that helps an industry grow. Of course, the main thing is that more people buy a particular product. However, companies have to be innovative and calculated to attract customers. Here are some things the cannabis industry has done to raise its sales over the years.

● Cannabis Tourism – Cannabis is not just an American thing or something that only Americans find satisfying. People all over the world consume cannabis, but unfortunately not all countries are as open to cannabis as America. This lack of accessibility means that some people come to America not only to enjoy the sights, but also to purchase and enjoy cannabis. The industry has adapted to this and expanded its marketing strategies worldwide to bring cannabis users from all over the world to America so they can fulfill their cannabis desires.

● Celebrity endorsements – One of the best ways to remove a stigma is to have influential people endorse a particular product. The cannabis industry has recruited many celebrities, including well-known cannabis users like Mike Tyson and Berner (Gilbert Anthony Milam Jr.), to either endorse their strains or their companies. These endorsements attract more people because the more people see others using something, the more normal it becomes and they feel more comfortable trying it.

● Changes in legalization – Not all US states allow cannabis consumption, but more and more are opening their doors. This increase in legalization is partly due to public opinion and its Economical advantagesinto the state. These new legalization laws mean that more people will have easy access to cannabis, rather than having to make an expensive trip to another state where it is legal, which may not be an option for some. Over 74% of Americans now live in a State with legal marijuana.

● More options – For many decades there were only a few ways to consume cannabis. But today, in modern times, the industry is bringing many new and innovative products to the market, such as Evaporator Drinks, gummies, and more. These new products offer more options for people who don't want to consume cannabis in the one or two most popular ways. Some people may still want to keep their cannabis consumption discreet, so enjoying an alternative like a cannabis beverage is great for them. This discretion and increased choice is attracting more people who want to try cannabis consumption.

What obstacles could prevent further growth of the cannabis industry?

The growth of the cannabis industry has been extraordinary and there is hope that growth will continue beyond 2024. Roadblocksstill prevent the sector from reaching its full potential.

● Regulatory/Banking Policy – ​​Despite the growth of business and the decrease in social stigma, there are still issues with cannabis in certain sectors, most notably the banking sector. Because cannabis is still illegal at the federal level, many banks do not work with cannabis companies, making it difficult for these companies to raise capital and continue to expand and innovate. Congress has passed a bill through the House of Representatives to make it easier for the industry to access these banking services, but it has not yet passed in the Senate.

● Inaccessibility to new markets – As mentioned in the previous section, more and more states have opened the doors to legalizing cannabis use, whether for recreational, medicinal or both. However, many states have not yet opened their doors. The industry could potentially stagnate if it cannot expand into more markets. This stagnation may already be occurring, as ten states are seeing a decline in legal cannabis sales. This decline means the industry will continue to need access to new markets.

Growth is not guaranteed in any industry. However, cannabis offers many benefits for both consumers and the economy as a whole. The more policymakers recognize this, the more likely change will occur.

Diploma

It has become a reality that the cannabis industry is becoming a significant player in the American economy. Previously, there was skepticism about the prospect of legal cannabis and whether it could really overcome the significant hurdles that existed in the early days. Although there are still many hurdles to overcome, the future still looks bright for the cannabis industry. As a result, it is creating a bright future for cannabis consumers.