Cannabis sales in the United States could top $72 billion by 2030, according to New Frontier Data analysis of the cannabis economy, thanks to strong consumer demand, high likelihood of additional state market activations, and increasing normalization of cannabis consumption.
That bullish projection can only play out if the cannabis industry gets the support it needs from banks and insurance companies – something that is still lacking due to the federal illegality of the product. Cannabis is still a Schedule I substance under the Controlled Substances Act, alongside drugs like heroin, LSD, and ecstasy. The federal government’s robust and unwavering stance on legalizing cannabis has spooked most of the mainstream players in the property and casualty (P&C) market.
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