American Cannabis revenue softening
US Cannabis Industry Faces Slowdown as Mid-2024 Sales Lag Behind Projections.
Halfway through 2024, the cannabis industry in the United States appears to be softening, a trend in line with reports of slower-than-expected medical marijuana sales in Ohio in 2023 — and just ahead of the state's recreational rollout.
A new report from economist Beau Whitney of Whitney Economics reviewed the sales data for the first six months of the year and noted that the national sales figures are trending slightly lower than in the past.
Whitney said that by the end of June national sales typically reach roughly 45%-48% of the year’s total.
So far this year, legal sales are slightly below this trend at 42%-45% of forecast, based on current sales. This puts the annual national cannabis legal sales forecast between $29.6-$30.5 billion, with a best case at $31.4. This implies YoY growth at between 3% and 6%.
Earlier this year Whitney forecasted a year-over-year growth rate of 9.14% for legal cannabis sales in the U.S., up from sales of $28.8 billion the year before to $31.4 billion for 2024. Now that number looks frothy.
