In recent years, the cannabis industry has grown tremendously in market size and value. It is because more states have started to legalize medical and recreational cannabis. The cannabis business statistics should help those in business to understand the customers’ needs and know when and where to expand their business.
Industry growth statistics
- Between 2020 and 2024, the cannabis industry is expected to add around 250,000 full-time jobs.
- By 2024, the cannabis business is expected to generate up to $130 billion annually for the U.S. economy.
- The total sales of cannabis exceed the annual revenue the U.S. gets from NBA. By 2024, marijuana sales may exceed the total amount Americans spend on purchasing craft beer.
- The cannabis business pays hundreds of millions of dollars in local and state taxes.
- Most cannabis consumers in the U.S. and Canada spend $50 or more monthly to purchase cannabis.
- By 2022, recreational marijuana sales could double the sales of medical cannabis.
Cannabis consumers’ statistics
- 32% want only medical cannabis legalized. 59% want the legalization of both medical and recreational cannabis.
- Cannabis is consumed for recreational purposes by 49% of millennials.
- Men smoke cannabis more compared to women.
- The age group with most people who are most likely to smoke cannabis ranges between 18-29 years.
- Two-thirds of Americans want the use of marijuana legalized.
- Americans consume more cannabis daily compared to Canadians.
- Most people prefer to consume cannabis more by smoking. This is followed by edibles, vaping, capsules, and tinctures respectively.
- 35% of Americans have tried using cannabis at least once. 25% are willing to give it a try.
- Most cannabis consumers tried using it for the first time between the ages of 13 and 18 years.
- 60% of Americans are willing to embrace the measures to regulate and tax cannabis.
- Most consumers in the U.S. and Canada believe that the consumption of cannabis helps to improve stress levels and anxiety.
Medical marijuana statistics
- The first states to legalize cannabis was Washington and Colorado in 2012.
- 54% of Americans purchase cannabis at recreational dispensaries, 32% from friends, and 21% from medical dispensaries.
Which states have legalized cannabis?
34 states have legalized cannabis for medical purposes. These states include:
- Rhode Island
- New Mexico
- New Jersey
- New Hampshire
- New York
- North Dakota
- West Virginia
The remaining 13 states have legalized weed for both medical and recreational purposes. They include:
- 11) Illinois
- 12) Arizona.
- 13)The District of Columbia.
Over the years, cannabis has been accepted by most states for either recreational or medical purposes. 34 states have legalized the use of cannabis, with 13 states allowing adults to legally use cannabis for recreational purposes. This article highlights statistics on industry growth, cannabis consumers, and medical cannabis. It should help you make informed decisions that concern your business.