Cannabis Weekly Round-Up: US Sales will Reach $35B in 2023

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This past trading week a new study from a cannabis researcher showed encouraging sales growth for the industry in the US.

Cannabis sales are now projected to cross US$35 billion in the US market in 2023 and reach US$71 billion per year by 2030.

A leading multi-state operator (MSO) informed the market it will need additional time to file its latest financial report.

Keep reading to find out more cannabis highlights from the past five days.

Cannabis sales will reach US$71 billion in 2030

New Frontier Data, a leading cannabis research firm, released new projections for the US cannabis market over the next decade.

“As more established markets across the country stabilize, the U.S. cannabis industry will be buoyed by new markets coming online,” Gary Allen, CEO of New Frontier Data, said as the firm released its “2023 US Cannabis Report: Market Updates & Projections” study.

The executive said the growth of the US market is so strong that even if there were to be a slowdown, current estimates keep showing a 9 percent compound annual growth rate through 2030.

“Inflation, high taxes and competing illicit markets are compounding price pressures in mature legal markets, and the potential for a recession will negatively impact cannabis consumer spending in the medium term,” Allen said.

Legal sales in the US reached US$30 billion in 2022 according to the new research.

Cannabis MSO delays financial results release

Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) told investors it will not release its Q4 and full year 2022 financial results on March 28 as it was originally scheduled.

The firm blamed complexities surrounding the conversion of three years of financials from an International Financial Reporting Standards (IFRS) to a US Generally Accepted Accounting Principles (GAAP) standard.

“The Company requires additional time to complete its financial statements,” Curaleaf said in a statement.

The cannabis operator said it now expects to file its results within the month of April.

Cannabis company news

Ayr Wellness (CSE:AYR.A,OTCQX:AYRWF)opened four new dispensaries in the Florida state market. The new additions push the number of storefronts managed by the company to 57 in the state.
Acreage Holdings (CSE:ACRG.A.U,OTCQX:ACRHF)told investors it will delay its Q4 and full year financial results release. With little to no explanation, the firm said it will update investors again “in due course.”
Organigram Holdings (NASDAQ:OGI,TSX:OGI)announced the nomination of Caroline Ferlandas as a board member of the company. Ferlandas is a nominee appointed by Organigram's investment partner British American Tobacco (LSE:BATS,NYSE:BTI).
POSaBIT Systems (CSE:PBIT,OTCQX:POSAF)issued financial guidance for its entire 2023 period. The company said it expects to produce total revenue between US$60 million and US$63 million.