Voters in South Dakota approved Measure 26 during the 2020 election. Measure 26 legalized cannabis for medical use in South Dakota. The first legal medical cannabis purchase was made in July 2022.
South Dakota initially licensed 69 medical cannabis dispensaries, 29 cultivators, 11 processors, and 2 testing labs. Prices for medical cannabis business licenses are going up in South Dakota due to Senate Bill 43.
“Once the bill becomes enforced, certification prices will rise to $9,000. Currently, it stands at $5,310.” SDPB Radio stated in its local coverage. “The new law takes effect on the first of July. It requires the fee hike to go into effect by Sept. 30.”
This November, voters in South Dakota will decide on an adult-use cannabis legalization measure. This year’s vote marks the third time that South Dakota will have voted on a recreational cannabis legalization measure. A recent poll found that 52% of voters plan on voting ‘no’ on the measure, while 42% plan on voting for the legalization measure. The remaining voters are still undecided.
The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a report by the Marijuana Policy Project.
“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy Project stated in a press release.
79% of people living in the United States lived in a county with at least one regulated cannabis dispensary according to an analysis by the Pew Research Center. The Pew Research Center also found the following:
- 74% of people in the U.S. live in a state where recreational or medical cannabis is legal
- There are nearly 15,000 cannabis dispensaries in the U.S.
- California has the most overall dispensaries (3,659)
- Oklahoma has the most dispensaries per capita (36 dispensaries for every 100,000 residents)
Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.
Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:
- 2024: $31.4 billion (9.1% growth from 2023)
- 2025: $35.2 billion (12.1% growth from 2024)
- 2030: $67.2 billion
- 2035: $87.0 billion
The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to an analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.
“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.