The U.S. market for hemp-based products is projected to increase from $820 million in $1.9 billion by 2022, reflecting a 14.4% CAGR.
ECONOMY OVERVIEW
The legal cannabis sector is rapidly emerging as the fastest-growing industry in the United States, driven by increasing consumer demand, expanding regulations, and innovative market opportunities.
RECREATIONAL MARIJUANA
Currently legal in 11 U.S. states, recreational marijuana is cannabis consumed for its psychoactive and mind-altering effects.”
MEDICAL MARIJUANA
“Medical marijuana is cannabis used under a physician’s guidance to treat specific health conditions and symptoms, and it is legal in 33 U.S. states.”
CBD OIL
“CBD oil is a non-psychoactive supplement derived from hemp, used to support overall wellness. It is legal under U.S. federal law, though individual states may have their own regulations regarding hemp-derived CBD.”
HEMP
Hemp is a versatile industrial crop with more than 25,000 product applications. Over 40 states have established commercial or pilot hemp cultivation programs made legal under the Farm Bill.
Industry Growth & Trends
RECREATIONAL MARIJUANA
U.S. recreational cannabis sales are projected to rise at a strong 18.4% CAGR, increasing from $3.2 billion to $12.5 billion in 2025.
MEDICAL MARIJUANA
U.S. medical marijuana sales are forecasted to expand at an 11.8% CAGR, rising from $5.1 billion in 2017 to an estimated $12.5 billion by 2025. estimated $12.5 billion in 2025.
CBD OIL
The nation’s CBD market is predicted to have a compound annual growth rate of 49% by 2024, surging from $1.9 billion million to $20 billion in that time.
HEMP
The marijuana industry is experiencing rapid global growth as more countries embrace legalization, with the worldwide legal cannabis market projected to surge from $9.2 billion to $57 billion by 2027.. In the United States alone, 33 states have already legalized marijuana in some form, driving major economic and job opportunities, and with more states expected to follow, the industry shows no signs of slowing down.
Federal lawmakers are actively considering cannabis reform, which could soon give more Americans access to legal marijuana. The U.S. cannabis market, currently valued at $8.3 billion across medical and recreational sales, is projected to surge to $25 billion by 2025. Over the next four years, the industry is expected to support as many as 340,000 full-time jobs while contributing nearly $80 billion economic impact. to the national economy, highlighting its growing role as a powerful driver of economic growth and opportunity.
CANNABIS LEGALIZATION
U.S. cannabis legislation has lagged behind changing public opinion and advances in medical research. Federally, cannabis has been illegal since 1970 under the Controlled Substances Act, signed by President Richard Nixon, which designates it as a Schedule I substance—meaning it is considered to have a high potential for abuse and no accepted medical use.
At the state level, increasing social acceptance of marijuana and acknowledgment of its medical benefits have significantly influenced cannabis policies over the past twenty years. Despite federal restrictions, most U.S. states have made their own laws and use of marijuana. Starting with California in 1996, 33 states and Washington, D.C., have legalized medical marijuana. In 2012, Colorado and Washington became the first states to legalize recreational marijuana, and since then, nine additional states and Washington, D.C., have followed suit.
THE CASE FOR MARIJUANA LEGALIZATION
