For anyone who’s been paying attention to the legal cannabis market, it won’t be surprising to hear that things are expected to continue getting better. The legal marijuana industry is already huge. In particular, it already generates several billion dollars’ in revenue across the country. But that’s nothing compared to what’s in store. According to new stats, the cannabis industry could add $80 billion to the American economy by 2022.
A Skyrocketing Industry
The U.S. legal cannabis industry is already becoming a relatively large market. This year, experts predict that it will generate between $27 million and $33 million. And those numbers are only expected to get bigger in the next few years.
According to the 2018 Marijuana Business Factbook, the legal marijuana industry is poised to generate massive growth.
The experts who wrote the report predicted that marijuana would add between $36 billion and $44 billion to the U.S. economy next year. Further, they expect to see similar growth every year after that. By 2022, legal marijuana is expected to generate nearly $40 billion.
These stats are all based on total sales of all legal cannabis in the U.S. That includes both medical and recreational marijuana.
According to the report, the marijuana industry doesn’t only create economic activity by growing and selling actual cannabis. In fact, the marijuana industry touches tons of different sectors.
For example, legal marijuana tends to increase tourism. That can be for people who visit a state in part to enjoy legal access to weed. But it can also be when weed-legal states host marijuana industry events.
It can also have a positive impact on real estate. Analysts said that in a lot of places, production facilities and dispensaries end up taking over old or empty buildings. When that happens, the marijuana business renovates them and moves them back into the market.
There are many other fields and industries that benefit from legal marijuana. This can include things like publishing, advertising, law, garden and farm supply stores, and many more.
Cannabis Industry Could Add $80 Billion To American Economy By 2022
All this growth has big implications. Most directly, it means that a lot of people could be making good money over the next few years. But it also could be important for political reasons.
“This data is particularly valuable to marijuana businesses looking to show the benefits of legalization to and policymakers,” the analysts wrote. “That’s because it can help them understand the importance of the cannabis industry to the larger U.S. economy.”
At this point, the economic benefits seem clear. Legal weed creates tons of new jobs. It pumps a lot of cash into local economies. And, of course, it pulls in sizable taxes for local governments.