A new report suggests the U.S. cannabis industry will need $65.6 billion to $130.7 billion in funding over the next decade to support new and existing businesses.
The report from Whitney Economics, supported by CTrust and Green Check, predicts potential interest revenue of $1 billion to $2.4 billion for lenders in this sector.
U.S. cannabis retail sales are expected to rise from $28.8 billion in 2023 to $87 billion by 2035. To support this growth, the industry may issue an additional 25,000 to 30,000 licenses on top of the current 40,000.
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Beau Whitney, the report’s author, emphasizes that funding cannot come only from personal networks. He hopes the report informs lenders about the industry’s risks and opportunities.
Whitney also shared at the Benzinga Cannabis Capital Conference that total cannabis retail sales in 2024 may reach around $32 billion, with potential for significant growth in subsequent years.
The report highlights California, Florida, Illinois, New York, Pennsylvania, and Texas as key states for funding opportunities.
Dotan Y. Melech, CEO of CTrust, believes the report will facilitate better lending relationships with cannabis businesses.
Kevin Hart, CEO of Green Check Verified, agrees, stating that a solid financial infrastructure is vital for the industry’s growth.
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