Headset, a cannabis industry data and analytics firm, is forecasting the U.S. industry has the potential to reach $45.8 billion by 2025 with compound annual growth rates between 2% and 8% annually.
The firm estimates in its “Cannabis sales projections for US markets in 2025” report that by 2025, Florida will be the nation’s second-largest market — behind California — with $3.2 billion in total sales. The report estimates that New York, where adult-use licenses are expected next year, will be the third-largest market by 2025 with $2.8 billion in sales.
The firm suggests that newly-legal states New Jersey and Virginia — which will have similar populations of individuals 21-and-older by 2025 — will produce $1.6 billion and $1.3 billion, respectively, in sales. Neither state has issued adult-use licenses having only passed the reforms last year.
Cy Scott, CEO and co-founder of Headset, said that “within the last decade, opportunities for growth and development within the market have accelerated after Colorado, Washington, and several other states legalized adult-use cannabis.”
“Despite the country’s piecemeal approach to legalization, individual states have created optimal conditions for improved scalability and sophisticated operations across distinct markets. With record levels of public and regulatory support for the regulated cannabis industry, the value of the domestic market will increase significantly over the next three years.” — Scott in a statement
The company also pinpoints Ohio as an emerging market, predicting sales of $1.6 billion by 2025; however, legalization efforts have recently stalled as the campaign did not submit enough signatures to force lawmakers to act on the reforms this session.
The Headset report notes that the Buckeye State’s medical cannabis market “is steadily growing with potential to reach half a billion in sales by the end of 2021 despite being a limited license market.”
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Report: US Cannabis Industry Has $45.8B Potential by 2025