Industry survey projects 22% increase in legal U.S. cannabis sales in 2022

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The legal U.S. cannabis market is projected to increase by 22% to $33 billion in retail sales in 2022 from $27 billion in 2021, industry group MJBiz said in a survey released Monday. The study also estimates $99 billion in total positive economic impact from legal cannabis in 2022, up from $81 billion in 2021. By 2025, the retail sales are forecast to rise to $52.7 billion, with a positive economic benefit of just under $158 billion. MJBiz calculated the economic impact by multiplying retail sales by 2.8, after consulting with economists. The estimates include transactions covering the agricultural, manufacturing and retail sectors, as well as events and hospitality in some markets. “Marijuana businesses, consumers and patients pay hundreds of millions of dollars in state and local taxes that are used to fund government activities at those levels, including schools and roads,” MJBiz said. “Real estate also receives a boost from new retail, manufacturing and agricultural businesses moving into an area or established companies expanding, increasing broader demand for commercial properties.” Shares of the AdvisorShares Pure US Cannabis ETF MSOS, -2.99% fell 2.4%. The ETF is down 24.6% so far in 2022, compared to a 13.3% loss by the Nasdaq COMP, -2.18%.

This article was originally published by Marketwatch.com. Read the original article here.

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