FLOWER MOUND, Texas –
Today, MCG, the world’s largest provider of hemp-derived cannabinoids, along with the Virginia Healthy Alternatives Association, released an Economic Impact Report detailing the positive growth potential for small businesses, stemming from this industry. MCG is forecasting that the hemp industry will reach $20-$25 billion in value by 2024. A report, conducted by Whitney Economics, reveals that Virginia alone stands to see a $3.3 billion gain in economic impact related to legalized hemp-derived cannabinoids.
“This is our second major economic report done with the cooperation of The American Healthy Alternatives Association. Colorado and Virginia have had extremely interesting stories to tell about the sheer size of their markets. We’re looking forward to the Florida report as well which will be out in two weeks. We’re expecting the report to give a final prediction on Florida’s massive market, which has been supported primarily by Delta 8 THC. Special thanks to Beau Whtiney, JD McCormick, and Yan Gleyzer for their help with these reports,” said Bret Worley, President at MC Global.
The new report, An Economics Impact Analysis of Cannabinoid Retail in Virginia, also found that any changes to the current legalized status of cannabinoids could put more than four thousand jobs at risk. This would include a staggering $161.8 million loss of wages. The bulk of these losses would stem from small, local businesses. This would have a tangible and direct impact on unemployment rates, resulting in a 1% increase in unemployment in Virginia. Beyond the stores seeing a $1.2 billion loss in sales related to hemp-derived cannabinoids, impact would extend into the supply chain process, affecting distributors, manufacturers and farmers. 68% of stores said they would be forced to shut down if unable to sell hemp-derived cannabinoids in their locations.
“After doing the research and analyzing the results, it appears that legislators and key stakeholders do not realize the size and scale of the cannabinoid industry in the United States. We are seeing similar results in our research across the country. It is important to have data on this market in order to make informed decisions,” said Beau Whitney of Whitney Economics.
Whitney Economics has taken a similar deep dive into the market of Colorado, tallying $500 million in exported bulk cannabinoids per year, with sales growing to $700 million in 2024. Whitney Economics has also commenced a study in Florida, which is expected to have a retail sales market of $3-$5 billion.
MC Global Holdings, LLC is dedicated to changing lives for the better by providing safe, effective and affordable hemp-derived cannabinoid products that improve health, well-being and happiness. MCG is on a mission to revolutionize the hemp wellness industry by being the leader in professionalism, promotion and distribution of responsibly produced cannabinoids worldwide. Supporting budding industries and small-to-medium businesses across the country is a key driver of their work.
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