$99 Billion Boost From Weed for the US Economy in 2022

Industry News - $99 Billion Boost From Weed for the US Economy in 2022

Tax revenue is probably the first thing that comes to mind when talking about the benefits of the marijuana industry. However, experts state that the real economic gains of the magical plant vastly exceed those of mere tax money.

Namely, it’s estimated that by the end of 2022, the US economy will add $99 billion to its “coffers” thanks to the cannabis industry. In essence, this is a 20% increase YOY.

What’s surprising, however, is that this jump happened right in the middle of 40-year high inflation. That said, it’s still lower than the previous mid-pandemic jump, which had a 30% increase YOY.

Indeed, the figures more than doubled in the last three years, from the estimated $46 billion in the pre-pandemic 2019 to today’s whopping $100 billion.

However, due to the incredible scope of the industry, it’s hard to determine what had the biggest impact. For instance, the cannabis industry encompasses manufacturing, retail sales, and agriculture, as well as entertainment, tourism, etc.

In addition to that, the weed industry also had a huge impact on construction. Hence, it’s no wonder marijuana is expected to make such a massive boon for the US economy in 2022 (and beyond).

In fact, current estimates confirm these claims!

For example, benefits are expected to reach  $130 billion in two years, reaching $155 billion by 2026. Plus, 2022 cannabis industry predictions state that recreational marijuana sales alone will reach $30 billion.

Last but not least, data shows that for every $10 spent on cannabis at legal retail, the US economy gains $18 back. Best of all, the majority of these gains end up boosting local economies.