PORTLAND, Ore., Nov. 9, 2022 /PRNewswire/ — Whitney Economics, a global leader in cannabis and hemp business consulting, data, and economic research, is proud to announce that its 2022 Cannabis Business Conditions Survey has been deployed to licensed cannabis operators throughout the country.
Targeting roughly 39,000 American businesses that hold a cannabis regulatory license, Whitney Economics regularly conducts surveys of cannabis licensees to compile data on the direction of the industry, identify key issues for the industry and to assess the effects and impacts of changes in regulatory policy.
This is part of a series of business conditions surveys conducted by Whitney Economics. “There is very little data available from an operator’s perspective. The goal of ongoing business conditions and operator sentiment surveys is to build a time-series of data points around how operators are dealing with current conditions, what their expectations are for the future, and how they are being impacted by the ever changing regulatory and business environment,” says Beau Whitney, chief economist and founder.
The 2021 Business Conditions survey report < U.S. Cannabis Business Conditions Survey Report > revealed some surprising findings, including:
- Only 42% of respondents are turning a profit, with only 22% of California responses indicating profitability.
- In terms of profitability, women respondents and non-white respondents are faring much worse than white, male respondents.
- Lack of banking, access to common financial services, market volatility, and state & federal taxation are the top concerns worrying cannabis operators most.
Data from these survey reports is used by Congress, state and federal regulators and legislative bodies, business operators, and media outlets both in the U.S. and abroad. Whitney Economics appreciates state cannabis regulators for contributing to the quality of the survey by making it available and accessible to the businesses they regulate.
Whitney Economics expects the U.S. legal cannabis sales to reach $44.8 billion by 2025, and anticipates the market growing to $81.6 billion in 2030. The sheer size of this nascent market demonstrates how crucial these business conditions surveys are, particularly as the market expands.
If you would like to speak with Whitney Economics or schedule a media interview, please contact Beau Whitney directly at (503) 724.3084 or beau@whitneyeconomics.com.
Whitney Economics is a global leader in cannabis and hemp business consulting, data, and economic research, supporting hemp and cannabis operators, investors & regulators. With decades of experience, ongoing data creation and aggregation processes, and boots-on-the-ground resources around the world, Whitney Economics creates value through detailed insights, granular analysis & thoughtful projections.
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Source: PRNewswire