Pot forecasters expect U.S. marijuana market to reach $45.9 billion by 2025
The newly released Annual Marijuana Business Factbook, 9th Edition, forecasts U.S. sales of recreational and medical marijuana to hit $45.9 billion by 2025.
Other key findings from the report:
In 2021, U.S. cannabis sales are expected to reach $22 billion-$26.4 billion.
100 percent of investors expect the industry to do better in 2021 than in 2020.
The cannabis industry will offer over 400,000 full-time jobs in 2021.
The new, adult-use market in New York should reach sales of $2.5 billion by year five.
“2020 was an important year in cannabis,” says Annual Marijuana Business Factbook editor Jenel Stelton-Holtmeier in a news release. “Many marijuana businesses were declared essential during the pandemic, and more states legalized cannabis markets. 2021 will see more states join in, and their programs are getting started faster than we’ve previously seen.”
“There is no doubt that marijuana is big business,” Chris Walsh, CEO of MJBiz, says in the release. “Sales already exceed that of craft beer and other mainstream businesses. There is clear momentum for exponential growth, with New York and other states with dense populations starting legal sales.”
Visit mjbizdaily.com for more information.
COVID Face masks remind cannabis users to drive sober
The Colorado Department of Transportation and the Marijuana Industry Group collaborated to teach consumers about the risks and cost of cannabis-impaired driving with an “in-your-face conversation starter,” according to a news release. In partnership with Native Roots, CDOT and MIG are distributing budtender masks to select dispensaries with the message “I’ll be blunt. Don’t drive high.” to remind the public about staying safe.
“Impaired driving continues to be a top cause of fatal crashes in Colorado and recent data shows an increasing number of crashes and arrests involve cannabis. In response, CDOT is building on past successful partnerships with the cannabis industry,” the release said.
Cannabis industry leaders prioritize sustainability
The Marijuana Industry Group and the Cannabis Certification Council are partnering to produce a series of events to inform and educate cannabis industry leaders and business owners. The Sustainability Best Practices Deep Dive series intends to help Colorado cannabis companies learn to incorporate sustainable best practices in an economically viable way.
“Sustainability is a top priority in the industry,” Truman Bradley, executive director of the Marijuana Industry Group, said in a news release. “We know that our use of natural resources will have a long-lasting effect on our environment, and we are determined to be good stewards. Colorado cannabis companies are continuing to lead this industry in implementing sustainable business practices and these deep dives are a chance to bring the best practitioners together.”
“Partnering with the Marijuana Industry Group to educate the Colorado industry on sustainability is a testament to their leadership and the forward-looking nature of the cannabis industry, especially in Colorado” said Ben Gelt, board chair of The Council. “We have established a highly replicable and scalable model with this partnership and are thrilled that the Colorado cannabis industry continues to lead the way in sustainability.”
“Our Cannabis Cabinet is making sustainability in the industry one of our main Cabinet priorities,” said Gov. Jared Polis. “It’s incumbent on cannabis industry leadership to demonstrate proactivity on sustainable operations and we appreciate the Cannabis Certification Council and the Marijuana Industry Group coming together to produce a series in support of our goals. We continue to see excitement around our Environmental Leadership Program at CDPHE [Colorado Department of Public Health & Environment] and hope to see dozens of applications from licensees this year.”
The Deep Dive sessions are designed for Colorado commercial operators and will cover several core environmental topics beginning with:
• Water - April 29, 11 a.m.
• Integrated Pest Management - May 13, 11 a.m.
For more information about the virtual events, the Best Management Practices Guide, and to learn more about Marijuana Industry Group or the Cannabis Certification Council, visit MarijuanaIndustryGroup.org or cannabiscertificationcouncil.org.
—Sources: Marijuana Industry Group, Marijuana Business Daily