With the emergence of legal adult-use cannabis, we are witnessing the birth of a new industry. That’s pretty rare. Already, adult-use cannabis is legal in 19 states and Washington, D.C. And 37 states have legalized its medical use.
The size of the industry is huge. In Washington alone, state adult-use cannabis sales topped $1.5 billion last year, a 43% increase from 2019. Across all states, recreational sales are projected to hit $25 billion by 2025.
According to national polling, two-thirds of Americans want adult use legalized at the federal level. If you project that out, the size of the U.S. market could be about 130 million customers: That’s 66% of adults over 21.
Amid this historic opportunity, it’s critical for the federal government to not just legalize adult use but to do it right.
Righting past wrongs on cannabis
This means prioritizing small business entrepreneurs over big industries, providing startup resources for Black entrepreneurs who bore the brunt of the racist war on drugs, and expunging criminal records for nonviolent cannabis crimes.
Our View:Federal ban on marijuana use causes more harm than good
In the war on drugs, cannabis was placed on Schedule 1 – putting it in the same category as heroin. Schedule 1 is supposed to be reserved for drugs that have a serious risk of addiction and no medical benefits. That does not apply to cannabis.
So how did it end up there?