Pervasip Corp (PVSP)

[Bjones2]

Cannabis industry will add $100 billion to US economy in 2023,

MJBiz Factbook projects
By Andrew Long, Data Reporter
April 12, 2023

The total U.S. economic impact generated by cannabis sales is expected to top $100 billion in 2023, up more than 12% from last year, according to a fresh analysis from the newly published MJBiz Factbook.

Looking ahead, upward of $160 billion in additional spending will be added to the U.S economy in 2027, thanks to the opening and/or expansion of new recreational and medical markets in states such as New York, Maryland, Missouri and Kentucky.

To measure the industry’s economic impact, MJBizDaily analyzed similar industries, consulted with economists and applied a standard multiplier of 2.8 on projected recreational and medical marijuana retail sales.

The projections are a best estimate given the unique nature of the rapidly expanding marijuana industry, which is governed by a patchwork of state laws but remains illegal under federal law.

Marijuana businesses encompass a range of agricultural, manufacturing and retail operators as well as non-plant-touch ancillary companies such as lighting suppliers and law and accounting firms.