Business is booming in cannabis country. Sales of legal cannabis in the U.S. grew 40 percent in 2021 to $25 billion, according to BofA Securities.
But entrepreneurs and large-scale corporations who are eager to cash in on the cannabis bonanza should be prepared for red tape and some seriously gray legal areas as they wait for federal legalization. Because while states have legalized cannabis in many cases—to some degree—it is still not legal on a federal level, meaning you cannot transport it across state lines, even for business purposes.
As of now, only four states have made cannabis completely illegal. Every other state has made CBD, medical, or recreational cannabis use legal, or has decriminalized it. And yes, that sentence is confusing and difficult to parse, but so is the bristling thicket of state and federal laws surrounding cannabis.
Federal legalization seems inevitable. About 91 percent of Americans support either full legalization or medical legalization of cannabis. Sales of legal cannabis in 2022 are projected to hit $30 billion this year, and $50 billion by 2026