Not all that long ago, it seemed as though most people in the United States were against cannabis use. Those who used it and supported its legalization were the minority. Those who didn’t use it viewed those who did as lazy or delinquent. Cannabis had a reputation for being a gateway drug.
Over the last decade or so, cannabis sentiment has been gradually changing. The stigma people once held about cannabis is disappearing as its popularity increases. Here, we’ll take a closer look at some of the most significant trends.
Sales Continue To Increase
Cannabusiness sales have been increasing rapidly. In 2020, Americans spent more than $18 billion on medical and adult-use products. That’s a nearly 70% increase from 2019. In 2021, sales increased to $25 billion.
Experts predict the U.S. market will pull in more than $30 billion in 2022 and nearly $46 billion by 2026. In other words, not only have sales grown in the last few years, but projections show them to keep going strong over the next few years.
Support for Legalization Is Growing
While California legalized cannabis for medical use back in 1996, it wasn’t until six years after that two states — Colorado and Washington — legalized it for recreational use. Over the past decade, more and more states have legalized it for medical use. Several of those states have legalized it for adult use, too.
Today, medical cannabis is legal in 37 states and Washington, District of Columbia. Recreational cannabis is legal in 18 states and DC.
The Generational — and Political — Gap Is Shrinking
According to Pew Research Center, two-thirds of Americans support cannabis legalization. What’s more, the generational and political divides are decreasing. While some groups are slower to shift toward supporting legalization than others, the use of cannabis is becoming increasingly more accepted.
The Growth and Performance of Cannabis Stocks
In 2020, the U.S. cannabis market was worth $61 billion. While stocks performed poorly in 2021 — due to a variety of factors — analysts predict they’ll start rebounding as more states move to legalize cannabis use. Several states are expected to enact broad cannabis reform in 2022. Senate leaders are also planning to move for cannabis legalization again.
People Want to Be Involved In the Industry
As the U.S. cannabis market continues to grow, more jobs open up. According to the 2022 Leafly Jobs Report, the legal industry now supports just over 428,000 full-time equivalent jobs, a 33% increase from 2021. With numerous career options, positions for people of all skill levels and backgrounds, and opportunities for advancement, it’s easy to see why people want to be involved.
Meet Growing Demand With Cannabis Funding
While cannabis might not be legal on a federal level yet, it’s clear that opinions about the plant are changing. More people accept its use and support legalization. Sales are booming, and experts predict the trend to continue. For cannabis distributors — and other businesses in the industry — there’s never been a better time to consider expanding and growing your business.
Do you need financing to help you achieve your growth goals? With an array of flexible cannabis financing options to choose from, Bespoke Financial is here to help. We work with businesses in all areas of the industry at every leg of the supply chain. s. For more information, contact us today!