The economic situation is putting pressure on the Fed to get marijuana under control

Certain industries have a large influence on the federal government – ​​insurance, banking, alcohol, and more. And companies like Boeing have long enjoyed a friendly relationship. Congress understands the value of money, especially when it benefits states. Now, the data says the cannabis industry continues to see strong legal growth, positively impacting government profits. The economic situation is putting pressure on the Fed to get marijuana under control.

RELATED: NY asks tech companies to solve its weed problem

BDSA, a leading analytics firm covering the cannabis industry, has just released its 2023 Annual Report. And it's another strong year for the marijuana industry. The reports reflect the growing acceptance of medical marijuana users and the public's increasing acceptance of medical marijuana.

Photo by Cappi Thompson/Getty Images

The biggest news is that the industry's U.S. sales totaled $29.5 billion in 2023. Global spending on legal cannabis rose to $36 billion. One of the stars last year was Missouri. With over six million residents, it is the 18th most populous country in the country. Still, the state generated $1 billion in sales. There appears to be a shift in public consumption as Canada now has data of people reducing their beer consumption and choosing the healthier cannabis option. In the long term, this is beneficial for many reasons, including domestic violence.

RELATED: Science Says Medical Marijuana Improves Quality of Life

The grim point is New York and its ongoing chaos with legal and illegal dispensaries. The botched rollout was very costly to the state in terms of lost government revenue and to honest business owners, primarily family members. While New York earned $174 million from its small number of licensed stores, the state is estimated to have lost more than $1.5 billion to the black market and its more than 1,500 unlicensed pharmacies in New York City alone. The chaos in New York prevented the industry from crossing the $30 billion mark.

In its forecast, BDSA expects the market to continue to grow by 12% as more states come on board. This puts pressure on the Drug Enforcement Agency (DEA) to comply with the recommendation to reclassify cannabis, which will have a significant impact on the industry.

“The U.S. adult-use markets currently account for approximately 56% of all global cannabis Sales and are poised to capture an even larger share of global sales in the coming years as U.S. medical markets shrink.” said Roy Bingham, co-founder and CEO of BDSA.

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