- According to BDS Analytics, the Covid-19 pandemic drove retail sales up 35% above industry forecasts, accelerated by cannabis businesses being declared “essential” for medical purposes in virtually every U.S. legal market.
- Fueled by strong consumer demand, annual legal (medical and adult-use) sales are projected to grow at a compound annual growth rate (CAGR) of 21%, to reach more than $41 billion by 2025 (from $13.2 billion in 2019), according to New Frontier Data.
- BDS Analytics predicts that the U.S. Cannabis Industry will generate $20.8 billion in direct spending in 2021 and $39.6 billion in total economic contribution after factoring its indirect economic effects.
Bottom Line: With an average yield per acre of $1.1 million, legal cannabis agriculture dwarfs all other crops in revenue potential while also providing the resources needed to fund AI-based monitoring to improve yields and security.
Cannabis’ value per acre dwarfs all other crops being produced in North America today, prompting every commercial grower to consider how they can improve yields further while securing their crops on a 24/7, virtual basis. Recent studies by the USDA, The Rand Corporation, and the Marijuana Cultivators of Oregon find that at an average price of $1,948 per pound at Colorado prices, an acre of marijuana can yield more than $1.1 million per acre. The studies compared the most widely grown crops in the U.S., including corn, soybeans, oats, and wheat,