U.S. Produced Cannabis Has Supplanted Mexican Marijuana According To The DEA

According to a budget document from the Drug Enforcement Administration (DEA) titled “FY 2023 Performance Budget Congressional Budget Submission,” Mexican marijuana “has largely been supplanted by domestic produced marijuana.”

The report notes that Mexico “remains the most significant foreign source for marijuana in the United States,” and acknowledged that although marijuana remains illegal under federal law and is the most commonly used illicit drug in the United States, “the national landscape continues to evolve as states enact voter referenda and legislation regarding the possession, use, and cultivation of marijuana and its associated products.”

New Frontier Data, a research market company estimates that the number of American consumers will increase from 47 million in 2020 to 71 million by 2030. Meanwhile, the number of registered medical cannabis patient users is projected to increase to 5.7 million in 2030 (1.6% of the adult population).

According to a New Frontier Data report issued in March, if cannabis is fully legalized in the US by 2030, 47% of demand would be met by legal purchases, up from 27% in 2021, indicating continued disruption of illicit markets.

Photo By Lelen Ruete

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsMarketsDEAillicit tradeMexican Marijuana
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis is evolving – don’t get left behind!

Curious about what’s next for the industry and how to leverage California’s unique market?

Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!

Get your tickets now to secure your spot and avoid last-minute price hikes.