This crystal ball of cannabis cash, straight outta Portland, Oregon, predicts that legal sales of medical marijuana and adult-use cannabis will hit a whopping $31.4 billion in 2024. That’s a jump of $2.6 billion from last year, representing a growth spurt of 9.14% year over year. Looks like the grass really is greener on the other side of legalization!
But wait, before you start counting your cannabis coins, there are a few bumps in the road. The end of the COVID-19 pandemic, changes in consumer spending habits, higher interest rates – it’s like navigating a maze of munchies on a budget. And let’s not forget the delayed regulations in new markets, throwing a spanner in the works faster than you can say “pass the rolling papers.”
Beau Whitney, the chief economist at Whitney Economics, is feeling pretty chuffed about their crystal ball skills. “Last year’s forecast versus actuals were 98.3% accurate,” he boasted, probably while high-fiving his office cactus. “Sure, there are uncertainties, but the demand for legal weed in the U.S. is as strong as ever!”
But it’s not all sunshine and rainbows in the land of green dreams. David Craig, chief marketing officer of Illicit Gardens, has some words of wisdom – and a few grievances. “Cannabis ain’t going anywhere,” he declares, probably while puffing on a joint rolled with his own frustrations. “But if Uncle Sam doesn’t get its act together and ease up on regulations, we’re stuck spinning our wheels like a stoned hamster in a wheel.”
Sarah Carter, communications director at Symple Seeds, is also joining the chorus of green cheerleaders. “The growth of the legal cannabis industry is fantastic news,” she chirps, likely while sprinkling cannabis seeds like confetti. “But let’s not forget about the elephant in the room – or should I say, the lack of access to banking services. It’s like trying to run a marathon with lead shoes.”
Now, don’t go bogarting that joint just yet – there’s hope on the horizon. Legislation to give cannabis businesses access to traditional banking services has been making the rounds in Congress faster than a rumor at a high school reunion. And with folks like Majority Leader Chuck Schumer on board, there’s a glimmer of hope that the banking gates might just swing open for the green rush.
So, there you have it, folks – the cannabis industry is blazing a trail to the bank, but there are a few hurdles to clear along the way. With a little luck, a lot of green, and maybe a few well-placed munchies, the future of pot profits looks brighter than ever.
Photo by: Elsa Olofsson
