Silhouette of a man on a cannabis plantation in sunlight.
NEW YORK CITY – The U.S. cannabis industry is growing at unprecedented rates as efforts to legalize cannabis nationwide draw new consumers to the market each year, becoming a multibillion-dollar industry in key states. With the upped demand, real estate companies and retailers are bulking up their resources to expand their market share, according to an MJ Freeway and New Frontier Data survey.
According to the data, U.S. cannabis sales from consumers 55 years or older increased by 50% since 2015. Well known as baby boomers, this consumer group now accounts for 29% of medical marijuana sales and a quarter of all sales.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
