A new report from a leading analytics firm shows the cannabis industry will reach US$45 billion in legal sales by 2027.
Meanwhile, a critical vote on a banking reform bill designed to help the US cannabis industry could see a vote in the Senate in a few weeks. Keep reading to find out more cannabis highlights from the past five days.
Legal sales set to take off in US market
Cannabis research firm BDSA is projecting tremendous growth for the legal US cannabis industry in the near future.
Roy Bingham, co-founder and CEO of BDSA, pointed to new adult-use markets in Missouri, New Jersey and New York as leaders for growth. “Over the next five years, the biggest drivers of cannabis industry growth in the U.S. will be the thriving Midwest and East Coast markets,” he said in a press release introducing the report.
As far as 2023 goes, BDSA is projecting US$29.6 billion from sales in the US legal market. On a global scale, the research firm is expecting to see a total tally of US$36.7 billion.
Vote for banking reform bill gets nearer
According to Senate Banking Committee Chairman Sherrod Brown, “in the next two or three weeks” a vote could take place regarding a revamped cannabis banking reform bill.
The bill has been touted as a chance to adjust the financial realities of the current cannabis landscape.
As per a report from Marijuana Moment, the senator did not provide a timeline for a vote.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.