On Oct. 6, President Joe Biden announced a significant and long-awaited turn in federal policy regarding the use of cannabis products. The president’s moves are important both symbolically and for the policy changes they potentially allow down the road.
President Biden’s announcement prompts a look at the fascinating economics of the rapidly-evolving U.S. cannabis industry. As of this writing, 19 U.S. states and the District of Columbia have legalized recreational or adult-use cannabis, while 19 more have legalized the medical use of cannabis products. Sales from those legal markets reached $25 billion in 2021, with that number expected to grow substantially