Washington, June 16, 2021 (GLOBE NEWSWIRE) — New Frontier Data (https://newfrontierdata.com), the premier data, analytics and technology firm specializing in the global cannabis industry, in partnership with global law firm Dentons, releases its latest report, Cannabis in the U.S. 2021 Mid-Year Market Update, providing the most recent market trends and figures following expanding legalization efforts nationwide as well as the newest projections for 2021 and beyond.
With 10 newly legalized markets expected to begin sales in 2021 or 2022, New Frontier Data projects total legal cannabis sales to grow at a compound annual growth rate (CAGR) of 16%, to reach $43 billion by 2025. The study further reveals that 2020 illicit national cannabis demand and consumption is estimated to be over $65 billion.
“After close to a decade tracking, analyzing and modeling legal cannabis market shifts, we continue to see and report with confidence significant economic opportunities in the U.S., as legal market spending experiences consistent year-over-year double digit growth,” said Giadha A. DeCarcer, Founder and Executive Chair of New Frontier Data. “We expect the second half of 2021 to be especially interesting given market consolidation reaching a culminating point, and the large investment influx expected to fuel market growth and expansion.”
Key Report Findings:
- By 2025, 42% of total annual U.S. cannabis demand is projected to be met by legal purchases in regulated marketplaces, up from 24% in 2020, fueled by both a continued rise in legal market spending as well as the conversion of existing illicit market consumer spending to legal regulated sources.
- 141 million Americans, or 43% of the adult population, reside in 18 adult-use states, representing a diverse and widely distributed consumer base for retailers to segment and target.
- By 2025, 5.4 million Americans, or 2.4% of U.S. adults will be registered patients in medical cannabis states.
- As of May 2021, capital raises in cannabis have more than tripled, reaching $6 billion, signaling increased confidence in projected aggressive cannabis market growth.
Download a complimentary copy of Cannabis in the U.S. 2021 Mid-Year Market Update here: https://info.newfrontierdata.com/u.s.-cannabis-report-2021-mid-year-update
About New Frontier Data:
New Frontier Data is the premier data, analytics and technology firm specializing in the global cannabis industry, delivering solutions that enable investors, operators, advertisers, brands, researchers and policy makers to assess, understand, engage and transact with the cannabis industry and its consumers.
Our mission is to inform policy and commercial activity for the global legal cannabis industry. We maintain a neutral position on the merits of cannabis legalization through comprehensive and transparent data analysis and projections that shape industry trends, dynamics, demand and opportunity drivers. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with a presence in Europe, Latin America and Africa. For more information about New Frontier Data, please visit us at www.NewFrontierData.com.
Dentons is the world’s largest law firm, connecting top-tier talent to the world’s challenges and opportunities with 20,000 professionals including 12,000 lawyers, in more than 200 locations, in more than 80 countries. Dentons’ multi-disciplinary cannabis team provides vital expertise and insight to help business owners and stakeholders pursue every opportunity and overcome every challenge. Our capabilities and experience are second to none, from assisting with strategic legal counsel and ongoing regulatory compliance, to advising on entity formation and corporate governance, to advising companies from formation through going public. For more information about Dentons, please visit www.dentons.com.