The U.S. cannabis market has the potential to reach $115 billion by 2030, while last year regulated sales in the country have hit $17.5 billion, according to
Michael Lavery, a director and senior research analyst covering consumer staples and cannabis for Piper Sandler .
“Stating the kind of obvious, the U.S. market is certainly significant,” he said during his education session at this week’s Benzinga Cannabis Capital Conference, Oct. 14-15 in New York City at the Marriott Marquis Hotel.
More Modest Progress More Likely
The forward look depends on things like broader legalization both across other states and also at the federal level.
Nevertheless, even without federal legalization, 2030 cannabis sales could still be above $50 billion, considering that even “mature” states like Colorado and Oregon are still experiencing sales growth of 10%-15% this year, the analyst explained.
“We think the federal regulatory change is the real key catalyst to watch.”
Aside from the regulatory changes, it is wise to keep an eye on pricing, as that also directly impacts sales, he told the Benzinga conference.
Considering the fact that Senate passage still requires 60 votes and that a far-reaching reform does not yet have even 50 votes, Lavery said more modest progress is likely. …