The U.S. legal cannabis industry is expected to reach $75 billion in sales by 2030, according to research firm Cowen & Co. That’s almost as large as the North American carbonated soft drink market in 2017.
With the industries’ diverging trajectories, weed may be poised to take the mantle as the larger industry. Cannabis is growing rapidly as more states legalize the plant. Nine states and Washington, D.C. now allow for recreational pot use. That means more than one in five American adults can smoke, vape, eat or drink it however they please. Cowen previously predicted that the market, assuming federal legalization, would reach $50 billion by 2026. That seems small now, according to analyst Vivien Azer.
“New forecasts suggest that the market is already that size,” she said in a note Wednesday.
Read more at The Cannabist