The cannabis supply in the US is going to reach almost 50 million pounds this year

181 0

Cannabis consumption across the US is on the rise, with more improvements to come

Marijuana and hemp business research firm Whitney Economics has taken certain calculations to conclude that the total amount of marijuana grown in all form factors will exceed 48.8 million pounds in 2022 in the US. The study covers both legal and illegal cultivation, which, unfortunately, still remains a reality in many parts of the country. Be that as it may, the figure is exuberant and a clear demonstration of how big this industry has become in recent years.

The 2022 US cannabis supply report was announced during a press release. Through it, the Portland, OR-based research firm’s chief economist, Beau Whitney, said that the total capacity of legal cultivation is greater than the demand for the entire country if 100% of the licensed product is used. According to the report’s projections, legal cannabis is expected to have a clear dominance over illicit cannabis by 2026.

With respect to total legal cannabis sales, the report forecasts a sum in excess of $29 billion before 2022 comes to an end. By the end of this decade, that sum could be reaching $81.6 billion, the analysis firm assures.

Marijuana requires a long process of cultivation, processing, distribution, and sale in which several specialists and workers are involved. This has made marijuana the fastest-growing industry in the US, not only in cultivation but also in its workforce. This industry will continue to grow as more states continue to legalize its use, and it is possible that a strong push for federal reform will be the necessary step for no other industry to stand in its way.