Last year was a banner year for the cannabis industry, with U.S. cannabis sales hitting a record $24 billion. And the industry’s sales are expected to reach $70 billion by 2028. An increasing demand for cannabis oil for therapeutic needs from an aging population and increasing consumer demand for innovative recreational cannabis products should drive the industry's growth. With cannabis companies prioritizing risk management, the United States is expected to see legal sales of $30 billion in 2022.
High public support for legalization, an increase in corporate support, and the re-introduction of some federal legalization bills bode well for the industry. The U.S. House of Representatives’ Rules Committee cleared a marijuana banking amendment for another floor vote this week.
