Currently, 24 states have legalized cannabis for adult use in the United States, and several others have legalized cannabis for medical use. The state-legal industry in the United States is growing with every passing year, and yet, the number of financial institutions and services that work with the cannabis industry still lags behind other large industries.
Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.
Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:
- 2024: $31.4 billion (9.1% growth from 2023)
- 2025: $35.2 billion (12.1% growth from 2024)
- 2030: $67.2 billion
- 2035: $87.0 billion
According to recent coverage by investor-focused media outlet Morningstar, “At last check, FinCen reported 485 banks, 169 credit unions and 145 financial service providers that took part in cannabis transactions under its guidelines in the fourth quarter of 2023.”
“That’s up from the 479 banks, 168 credit unions and 126 financial service providers that took part in cannabis transactions in the fourth quarter of 2022.” Morningstar also stated.
“By contrast, the U.S. currently houses a total of about 4,000 commercial banks, 565 savings and loans and more than 4,700 credit unions.” the outlet stated for contextual purposes.
Cannabiz Media, creator of the Cannabis Market Intelligence Platform, recently conducted a research analysis focusing on the cannabis industry’s point-of-sale sector. Part of the analysis was the release of the entity’s Point-of-Sale Software in the Cannabis Industry 2024 Report.
“The Cannabiz Media research team made approximately 37,000 outbound phone calls to survey U.S. and Canadian stores about their current POS software use, ultimately surveying 6,151 stores in the course of its research.” the company stated in a press release about its methodology.
“In 2024, the top five POS software vendors in the U.S. cannabis industry are 1) Dutchie, 2) BioTrack, 3) Flowhub, 4) MJ Freeway, and 5) Magestore, who is new to the leaderboard. In the top spot, Dutchie collectively holds 34.5% of the U.S. market share. By comparison, in Canada Cova leads the market upholding its 45% share, followed by Blaze/Greenline with 25%. Only 15 providers operate in both the U.S. and Canada.” Cannabiz Media stated.
“The point-of-sale software market in the cannabis industry is more concentrated than ever,” says Ed Keating, Cannabiz Media’s co-founder, Chief Data Officer, and author of this report. “The total number of U.S. providers dropped to 71, down from 79 in the year prior. And the top five providers account for a whopping 67% of the market share, showcasing the stronghold of just a select few players.”
“We found 278 U.S. license holders switched POS software vendors, which was up from the 222 switches we tracked in 2022,” shares Keating.
The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.
“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.
The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a new report by the Marijuana Policy Project.
“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy project stated in a press release.