U.S. Cannabis Industry’s Total Economic Impact to Near $158 Billion by 2026

Rhea-AI Summary

The 2022 MJBiz Factbook projects that U.S. retail cannabis sales will exceed $33 billion by the end of 2022, potentially rising over $52 billion by 2026. The cannabis industry is anticipated to contribute nearly $100 billion to the U.S. economy in 2022 and $158 billion by 2026. Employment in the industry is set to grow from 520,000 to over 800,000 full-time workers by 2026. The report highlights strong growth in both medical and recreational sectors, influenced by new market entries such as New Jersey.

Positive

• Retail cannabis sales in the U.S. projected to hit $33 billion by end of 2022.
• Expected sales growth to over $52 billion by 2026, driven by new recreational markets.
• Cannabis industry employment expected to rise from 520,000 to over 800,000 by 2026.

Negative

• None.

04/12/2022 - 03:59 PM

2022 Edition of MJBiz Factbook Releases New Data on U.S. Cannabis Employment, Financial Forecasts, State-by-State Guide

DENVER--(BUSINESS WIRE)-- The 2022 MJBiz Factbook, released today, projects that retail cannabis sales in the U.S. will surpass $33 billion by the end of 2022 and more than $52 billion by the end of 2026. Produced by the editorial team at MJBiz, owned by Emerald Holding Inc., the MJBiz Factbook has been the most trusted resource for business owners, investors, and anyone looking to enter the cannabis industry since 2013.

“While federal legalization flounders in Washington DC, the American cannabis industry’s economic impact could near $100 billion by end of 2022 and nearly $158 billion by 2026,” said MJBiz Factbook Editor, Jenel Stelton-Holtmeier.

“This means that for every $1 that consumers and patients spend at adult-use stores and dispensaries, an additional $1.80 will be injected into the economy, much of it on a local level. Right now, more than three-quarters (77%) of the U.S. population resides in a state with some form of legalized cannabis.”

The 10^th Annual MJBiz Factbook provides cannabis business leaders with the no-frills data and in-depth analysis needed for making informed decisions and avoiding costly missteps. It includes exclusive state-by-state guide to regulations, taxes and opportunities, market projections, forecasting and analysis, such as:

• Retail sales of medical and recreational cannabis in the U.S. are on pace to eclipse $33 billion by the end of 2022, largely driven by new recreational markets, such as New Jersey, that are expected to come online this year.
• Total U.S. sales could rise as high as $52 billion by 2026.
• Both medical and adult-use markets posted strong growth in 2021, up an estimated 34% and 43%, respectively, over 2020 sales.
• The U.S. cannabis industry employs approximately 520,000 full time workers and projects this number will rise to over 800,000 in 2026.
• All states without legalization share at least one border with one that does, which likely grants access to a portion of the 23% who do not live in a state with a legal market.
• Texas accounts for more than one-third of the population without legal access to cannabis.
• The transition from medical to recreational markets has accelerated. In 2020, South Dakota made history by becoming the first state where voters approved medical and adult-use markets at the same time. The state’s Supreme Court overturned the approval of the recreational market, representing the continued disconnect between the public opinion of marijuana and the political will of those in positions of power.

New this year, MJBiz Factbook includes a chapter focused on low-THC marketing, including hemp and CBD. For the first time, there is a Factbook “add-on” of a Chart Pack, a collection of the graphs, licensed for easy use in business plans and pitch decks.

To download the MJBiz Factbook, 10^th Edition click here.

ABOUT MJBIZ: MJBiz is the leading B2B resource for the cannabis industry. Founded in 2011, it is the most trusted publisher and event producer serving cannabis industry entrepreneurs and investors from around the globe. MJBiz produces MJBizCon, the longest-running and largest cannabis trade show in the world. The 2015-2019 events were each named to Trade Show Executive’s Fastest 50 list and ranks on the Gold 100 list of largest tradeshows in the U.S. The 2022 event will return to Las Vegas November 15-18, 2022. The MJBiz team also produces news and analysis of the marijuana and hemp industries via MJBizDaily, Hemp Industry Daily, MJBiz Magazine, MJBiz Factbook, and MJBizScience’s Emerald Conference. For more information about MJBizCon or MJBiz, please visit www.mjbizdaily.com.

ABOUT EMERALD HOLDING (NYSE:EEX): Emerald’s talented and experienced team grows our customers’ businesses 365 days a year through connections, content, and commerce. We expand connections that drive new business opportunities, product discovery, and relationships with over 140 annual events, matchmaking, and lead-gen services. We create content to ensure that our customers are on the cutting edge of their industries and are continually developing their skills. And we power commerce through efficient year-round buying and selling. We do all this by seamlessly integrating in-person and digital platforms and channels. Emerald is immersed in the industries we serve and committed to supporting the communities in which we operate. As true partners, we create experiences that inspire, amaze, and deliver breakthrough results. Emerald acquired MJBiz in January 2022. For more information, please visit http//www.emeraldx.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220412006089/en/

MJBiz: Tess Woods, Tess Woods PR LLC

Tess@TessWoodsPR.com

Emerald: Beth Cowperthwaite, SVP, Communications, Emerald

Beth.Cowperthwaite@emeraldx.com

Source: Emerald Holding

FAQ

What are the projected U.S. cannabis sales according to the 2022 MJBiz Factbook?

The 2022 MJBiz Factbook projects U.S. retail cannabis sales to surpass $33 billion by the end of 2022 and over $52 billion by 2026.

How many jobs does the U.S. cannabis industry expect to create by 2026?

The U.S. cannabis industry is expected to grow from approximately 520,000 jobs to over 800,000 by 2026.

What economic impact is the U.S. cannabis industry expected to have by 2026?

The U.S. cannabis industry is projected to add nearly $158 billion to the economy by 2026.

What growth rates did medical and recreational cannabis markets achieve in 2021?

In 2021, the medical cannabis market grew by an estimated 34%, while the recreational market saw a 43% increase compared to 2020.