Cannabis Boom in the USA: Growth with Obstacles

The cannabis industry in the USA is booming: In 2023, legal sales in the 38 US states that allow regulated cannabis trade reached an impressive $28.8 billion, representing a 10.3% increase over the previous year. The number of jobs in the legal cannabis industry is also steadily growing; according to the latest Vangst Jobs Report, there were over 440,445 positions recorded at the beginning of 2024, a 5.4% rise compared to 2023. These developments reflect an increasing acceptance of medical cannabis use and continued legalization. Despite these positive developments, the industry still faces significant challenges. In particular, the possession and sale of cannabis remain illegal at the federal level, leading to legal uncertainties and risks for businesses. Operating in this tense environment is Chicago Atlantic Real Estate Finance, a company that plays a prominent role on our comprehensive list of the best cannabis stocks. A recent vote in Florida highlighted the limits of expansion: Voters narrowly rejected the initiative to legalize recreational cannabis. Despite 55.9% support, the initiative fell short of the required 60% to become law. This indicates that even in a state with an established medical cannabis market and potentially enormous economic growth, obstacles still exist. Nevertheless, the industry remains promising through innovation and expansion into new markets. A recent example is Nebraska, where medical cannabis use was recently legalized, opening up new growth opportunities.