An economic forecast from Whitney Economics has estimated that legal marijuana sales in the US are likely to exceed USD 31 billion in 2024, reports Blogarama.

Whitney Economics, a company that specializes in cannabis and hemp business consulting, data, and economic research, estimates that legal sales of medical marijuana and adult-use cannabis will total USD 31.4 billion in 2024, reports Blogarama. This would represent an increase of USD 2.6 billion from the previous year.
Despite different challenges for the industry, the forecast states that overall cannabis growth has been positive.
Beau Whitney, chief economist at Whitney Economics, said: “We are quite proud of our predictive analytics that resulted in last year’s forecast versus actuals being 98.3 per cent accurate. Although there are uncertainties in the near-term outlook, demand for legal cannabis in the U.S. will remain strong throughout the decade, with growth coming from newer markets.”
Executives in the cannabis industry welcomed the forecast but pointed out that growth would be dependent on regulatory changes.
“It’s time for a coalition of states to come together and standardize the basics: packaging and labeling requirements, compliance fundamentals, marketing, and other restrictions,” said David Craig, chief marketing officer of Missouri licensed cannabis producer Illicit Gardens. “Operating even in two contiguous states right now is practically the same as operating in two different countries. Resolving those disparities is an easy win for business and government alike.”