Washington, March 23, 2022 (GLOBE NEWSWIRE) -- New Frontier Data (https://newfrontierdata.com), the premier data, analytics and technology firm specializing in the global cannabis industry, in partnership with FTI Consulting, releases its annual market update, the 2022 U.S. Cannabis Report: Industry Projections & Trends, which provides expert analysis of the drivers shaping the U.S. cannabis economy including potential state market activations, consumption trends, product innovation and sustainability efforts.
The report projects annual U.S. legal cannabis sales to exceed $57 billion by 2030 (a CAGR of 14%) in current legal states, and if the 18 additional state markets poised to legalize activate, this figure would top $72 billion. Overall growth is fueled by convergent forces including strong consumer demand and an influx of newly operational legal state markets in recent years. Additionally, more adults are consuming cannabis regularly amid normalization and increasing societal recognition of the plant’s therapeutic and wellness applications.
“The seismic shift in public perception around cannabis is fueled in part by the growing exposure that Americans have through legal, regulated markets,” said Gary Allen, New Frontier Data’s CEO. “Even in the absence of a federal framework, the resilience and growth potential of a determined industry is laying the foundation for a safe and sustainable consumer category.”
Other Key Findings:
- Self-reported usage rates have risen sharply since 2012, and if sustained, the number of U.S. consumers will grow from 47 million in 2020 to 71 million by 2030.
- U.S. medical markets continue to expand, with the number of registered patients forecast to increase to 5.7 million in 2030 (1.6% of the adult population).
- Assuming legalization in all 18 potential markets by 2030, 47% of total demand would be met by legal cannabis purchases, up from 27% in 2021, indicating continued disruption of illicit markets.
- Despite strong state-level momentum, the near-term prospects for federal reform are dim, but a limited measure, like cannabis banking reform, is possible following the 2022 mid-term elections.
Download a complimentary copy of 2022 U.S. Cannabis Report: Industry Projections & Trends: https://info.newfrontierdata.com/us-cannabis-2022.
About New Frontier Data:
New Frontier Data is the premier data, analytics and technology firm specializing in the global cannabis industry, delivering solutions that enable investors, operators, advertisers, brands, researchers and policy makers to assess, understand, engage and transact with the cannabis industry and its consumers.
Our mission is to inform policy and commercial activity for the global legal cannabis industry. We maintain a neutral position on the merits of cannabis legalization through comprehensive and transparent data analysis and projections that shape industry trends, dynamics, demand and opportunity drivers. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with a presence in Europe, Latin America and Africa. For more information about New Frontier Data, please visit us at https//www.NewFrontierData.com.
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