Cannabis analytics firm New Frontier Data sees brighter days for the U.S. pot industry, projecting $71B of legal marijuana sales in 2030 if the current trend in state-level legalization continues even without legal immunity at the federal level.
While 21 U.S. states and the District of Columbia have already legalized weed, cannabis companies struggle with operational inefficiencies as their supplies must remain within state boundaries with no federal protection.
Even banking access is limited: the SAFE Banking Act which aims to allow cannabis companies to do business with U.S. financial institutions, has been stuck in Congress since 2019, having cleared the House multiple times without any success in the Senate.
Just last week, a group of bipartisan U.S. Senate and House lawmakers reintroduced the proposed legislation sending the shares of the U.S. Multi-State Operators (MSOs) and Canadian Licensed Producers (LPs) higher. While its $71B projection for 2030 U.S. cannabis sales assumes the current pace of state-level legalization, even if that momentum wanes, New Frontier Data expects the market to reach $58B.
Read more at seekingalpha.com