While cannabis remains illegal at the federal level, 2021 was a historic year for the industry. As the year draws to a close, we look back at some of the biggest developments, and look forward to things to watch in 2022.
In 2021 the Cannabis Industry Is Bigger Than Ever. By some estimates, the size of the state-legal cannabis industry (which includes both marijuana and hemp derived products) will reach $20 billion in 2021. When measuring its broader impact of multiplier effects, including its economic impact on things like tax revenues, commercial real estate demand, and the needs of industry workers, the industry was projected to reach $92 billion in 2021 according to an analysis published by MJBizFactbook. According to that analysis, for every $1 consumers and patients spend, an additional $2.5 is injected into the local economy. Even if overly optimistic, these projections show that cannabis is already big business.