 MJBiz released their 2022 Cannabis Factbook today. The report focuses on cannabis business data and financials within the industry.
This year’s edition projects retail cannabis sales in the United States will surpass $33 billion by the end of 2022 and more than $52 billion by the end of 2026. Using a conservative economic multiplier of 1.8, the cannabis industry’s economic impact could near $100 billion by end of 2022 and nearly $158 billion by 2026. The economic multiplier represents the extended boost to the economy from cannabis sales. So, for every $1 that is spent on cannabis, far more money is injected into the economy in the form of the money spent by cannabis companies and consumers. For example, cannabis companies spend money on real estate, utilities, nutrients, equipment, technology, and so on. Cannabis industry employees spend their employment money on day-to-day needs such as housing, transportation, entertainment, food, and so much more. Leafly’s 6th annual Jobs Report said there were 428,00 legal cannabis employees contributing to the economy. And with so many more states legalizing all the time, that number has increased. The MJBiz Factbook reports that the U.S. cannabis industry is now employing approximately 520,000 full time workers. These numbers represent an economic wave that is only growing stronger and moving forward with increasing momentum. To download the MJBiz Factbook, 10th Edition click here. Comments are closed.
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