Why the U.S. cannabis industry will exceed $ 30 billion in 2022

Whenever there is an optimistic and high-rising forecast about the cannabis market in a country, it is always an exciting time. Such predictions prove the skeptics are wrong and reinforce the fact that the cannabis industry is only just beginning.

Recent reports suggest America will soon surpass the $ 30 billion mark by 2022, the most significant sporadic annual growth the country has ever seen in its marijuana industry.

There has also been a surge in drug and adult legalization lately in the US, which means the marijuana sector is set to outperform other industries by impressive numbers. Interestingly, this surge affects every aspect of the marijuana world, from production to retail sales, etc.

Headset is a well-known research company that has come up with a detailed report that considers specific goals for the marijuana industry. The information has also been curated to show politicians what to expect from the cannabis market.

Headset is a Seattle-based cannabis analytics company that shared its latest forecast that sales could exceed $ 30 billion, and we can’t wait for that research to develop in 2022.

All thanks the newly legalized states

Headset’s projections also follow analysis of a comparable report released in the first quarter of the year. The earlier report concluded by considering the upcoming adoption of adult systems in states such as Connecticut, New Jersey, New York, and New Mexico. They also used data from the booming medical program in Alabama.

Now all five states will introduce new marijuana industries in the following year. The steady influx of new states legalizing cannabis played a crucial role in this growth forecast. The senior data analyst at Headset claims these newly legalized states are setting the stage for the future of marijuana in America.

Headset’s report released on Friday claims that American industry will expand with the following advances:

These are terrifying numbers for an industry that has all sorts of negative labels. As more new states legalize cannabis, projections will go even higher, meaning the cannabis industry could surpass the 2022 vision by 2022.

Cannabis flowers are still at the top.

The report also says that the market share of the cannabis flower will increase as it is the most significant product on the market. With retain cannabis, flowers will account for 47% of all sales in 2022. This will be a massive 42% increase unprecedented in the marijuana industry.

Vape pens and cartridges were also viewed as standalone products that closely followed flowers in retail and accounted for 22% of market sales. Edible concentrates and pre-rolls each made up 10%.

In addition, there are smaller store-bought products such as sublingually infused beverages, tinctures, capsules, and topicals that make up less than 4% of the industry.

Headset also predicts that Canada’s smaller marijuana industry will hit $ 5.6 billion by the end of 2022. This incredible increase resulted from the increasing demand for cannabis products in states that have re-legalized marijuana.

Canada’s growth is set to grow by $ 4 billion, which is almost double America’s growth rate from 2020 to 2021. The growth rate is expected to be double that expected in the US, which means 2022 is a good one Year for marijuana is market in North America.

Researchers attribute the massive gap in the growth rate between Canada and America to Canada’s small marijuana market size. Although the federal government in America still has plans to ban cannabis, the marijuana market is rising above such restrictions in several states.

The impact of the projected US surge on other cannabis markets

Whenever marijuana researchers study the cannabis market, they must always refer to the American industry. For many years, the US states have been proactive in legalizing and decriminalizing the substance.

What’s more, any positive cannabis story that comes from America will have a ripple effect in other nations. The world is following in America’s footsteps for his leadership. While cannabis had a bad rap for many years, these bullish projections will allow other countries to take their marijuana market seriously.

A $ 30 billion industry is an overwhelming dream every country is looking to realize. This number represents access to the revenue that will also support their infrastructure development. Hence, countries that are still hostile to marijuana use may need to rethink their positions as they are missing out on all of the richness and cures of marijuana that the market offers.

Aside from generating sales, cannabis also makes an immense contribution to strengthening the medical sector with health and wellness products. People will pay for relief from pain and discomfort as cannabis has been proven to aid healing, doctors will recommend it (if necessary), and all of these efforts add value to the marijuana market.

The future of the cannabis industry has always been bright, despite the current challenges, but it is not enough. We also have to make sure that we are working to make this future possible.

From lawmakers who love marijuana to consumers, pharmacy owners, and others in the cannabis market, now is the time to make sure the 2022 projections are achievable.

With sales soaring, more favorable marijuana laws, and conversation like this about forecasting the future, the future we talk about today will be possible. The American market (states) is mature and ready for the future, and now other nations have to catch up.

If they catch up, we will have a cannabis-accepting and marijuana-free world.

Bottom line

The American marijuana market has always been a leading force globally, showing the way for other countries, albeit within its states. It’s still unclear whether the state’s federal government will change its stance on federal legalization. Until such changes occur, however, America is well on its way to its $ 30 billion 2022 target.

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