The timing of when the federal government will finally end cannabis prohibition in the United States is always a prominent topic among advocates and industry professionals alike, and, if your circle of friends is anything like mine, a common discussion point at social gatherings as well. With the United States House of Representatives passing a legalization bill twice and public support at an all-time high, everyone can see that the war on cannabis is crumbling, but getting legislation through both chambers and Congress and signed by the president of the United States remains a Herculean task, even though it’s common sense to see that legalization is a much better policy than waging a failed war against our own nonviolent citizens. Even without any certainty that Uncle Sam will legalize within the next couple of years, top financial services firm Canter Fitzgerald predicts that sales numbers will be extremely robust, more than doubling current numbers by 2023, as Business Insider covered:
“There’s no doubt that, if approved, Senate Majority Leader Chuck Schumer’s cannabis legalization bill would be a historic event for the U.S. cannabis industry. Doubtless, the market would explode. But, what is likely to happen to the market if that does not happen and there are no policy changes at the federal level?
“Cantor Fitzgerald’s Pablo Zuanic believes that even without such changes, U.S. multi-state operators will continue to benefit from ever-increasing sales growth and new legal states that are rolling out their adult-use marijuana programs or enhancing their existing medical cannabis programs.
“According to the analyst, sales should hit $36 billion by 2023, up from $17 billion in 2020.”
Increasing sales numbers are good news for the legalization movement, but the headlines about record-breaking financial numbers are often misleading cannabis consumers about the plight of small retailers. Craft cannabis boutiques like Kind Leaf are hamstrung by a lack of access to regular financial services and an unreasonable tax burden. When the cannabis community supports local businesses, you are helping the fight to end prohibition while keeping more of your hard-earned dollars within your state and community, instead of shipping the dollars to international corporations. The end of cannabis prohibition is in sight, but let’s legalize the right way and ensure that small businesses, the true economic engine of our economy, are able to thrive in the industry.
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