Last week, the DEA announced its decision to reschedule cannabis to Schedule III under the Controlled Substances Act. This decision marks a historic step toward the end of cannabis prohibition, acknowledging its medical benefits and lifting the unfair burden on cannabis businesses.
BDSA forecasts this regulatory change will have profound implications not only for the cannabis industry but also for the broader economy.
- Projected Growth: Recent forecasts by BDSA indicate that the legal U.S. cannabis market is poised for remarkable growth. Sales are projected to reach nearly $46 billion by 2028, with a compound annual growth rate of nearly 10% from 2023 to 2028.
- Expansion of Adult-Use Markets: The growth is primarily driven by the expansion of adult-use markets across the country. Approximately 50% of the U.S. adult population now consumes cannabis in states where it is legal, according to BDSA Consumer Insights data.
- Global Market Growth: The global legal cannabis market is also on the rise, with sales expected to reach $58 billion by 2028. The U.S. currently represents approximately 56% of total global cannabis sales and is expected to maintain its leading position.
- Economic Impact: The growth of the cannabis industry has the potential to stimulate economic activity and create jobs in regions where cannabis is legalized. This is not just about the cannabis industry; it’s about addressing longstanding inequities and providing opportunities for individuals impacted by cannabis prohibition.
