When Will We See Legal Cannabis Banking Reform?
Thirty-three U.S. states have legalized medical marijuana and another 11 have legalized recreational use. In 2018, legal cannabis sales worldwide netted $10.9 billion. This figure is expected to grow between five and eighteen times before the close of the next decade. The one uncertainty when it comes to projecting worldwide cannabis sales is the United States.
The United States is the most lucrative cannabis market in the world. In 2018, the U.S. recorded $8 billion of the $10.9 billion in global legal cannabis sales. That market is expected to quintuple to an estimated $41 billion by 2025. This projected value not only includes the sale of legalized flower, but also edibles, vapes, topicals, beverages, and concentrates.
However, it’s hard to determine exactly how much revenue is coming in because many buyers and retailers are forced to operate and buy from cash-only businesses. Some online dispensaries, like The Amsterdam, utilize Bitcoin for payment. There are also cannabis-centered cryptocurrencies like Potcoin and Cannabiscoin that some online retailers are utilizing. Cash only and cryptocurrency businesses can make profits difficult to track.