MANILA, Philippines — While marijuana hasn’t been federally legalized yet, cannabis researchers are bullish at the continuous growth of homegrown cannabis market.
And in a new report by New Frontier Data, numbers show that revenue from home cultivation could reach USD 4 billion in less than eight years’ time.
“As more states transition to fully legal markets, more adults will take up homegrowing for the first time, and retail spending on supplies could reach nearly $4B by 2030. The scale of the homegrow market’s output underscores the important additive role that residential cultivation plays in the national cannabis supply,” the group said,
Among other findings include the fact that three million or six percent of consumers grow their own flowers in the United States and that homegrowers are estimated to produce 11 million pounds of dried flower in 2022 and this could increase to 15 million pounds by 2030.