According to multiple different reports released over the last few days, cannabis is now America’s 6th largest cash crop. Despite cannabis prices dropping, and inflation increasing, cannabis rose to the top in 2022 surpassing other major crops like potatoes and tomatoes within the states. In 2022 alone, United States farmers grew over 554 more metric tons of cannabis than they did in 2021, showing the increase in cannabis popularity.
According to Leafly, the only crops above cannabis in the US are 1. Corn ($82.6 Billion), 2. Soybeans ($57.5 Billion), 3. Hay ($19.3 Billion), 4. Wheat ($11.9 Billion), 5. Cotton ($7.5 Billion). Cannabis comes in 6th with roughly $5 Billion in wholesale harvest value.
Within the Leafly Cannabis Harvest Report, where most of these numbers come from, there are also other important pieces of information regarding the cannabis market. Cannabis ranked No.1 for cash crops in three separate states as of 2021-2022. One of these states was New Jersey, who experienced their first year of cannabis production in 2021. Colorado also experienced low wholesale prices, with the lowest prices occurring in July.
More information about cannabis is expected to come by years end when more research is reported.
Read the whole article from Leafly here.