49 Fascinating Cannabis Industry Statistics: 2019 Data Analysis & Market Share Category: B2B News
From being a banned substance to becoming a billion-dollar industry, cannabis has sure gone a long way. The legalization of marijuana for recreational and medical purposes paved the way to its boom in the market. To show the facts and figures related to that, we have rounded up a series of interesting cannabis industry statistics.
This new green revolution opened countless opportunities both in employment and investment. It has also made an impact on the economy. There are even POS software now dedicated specifically for cannabis retail. So whether you’re planning to invest in this market or simply wants to know more, this compilation of cannabis industry data is for you.
key Fascinating Cannabis Industry Statistics
Fascinating Statistics Table of Contents
Cannabis Industry Growth Statistics Cannabis Market Size Statistics Cannabis Sales Statistics Cannabis Industry Employment Statistics Cannabis Legalization Support Statistics Cannabis Recreational Usage Statistics Cannabis Medical Usage Statistics
Cannabis Industry Growth Statistics Since its first legalization, the marijuana industry has been on the rise both for recreational and medical purposes. It has an above-average surge rate compared to other industries as more states and countries accept the product in their market. This cannabis industry growth statistics will illustrate not only how it has boomed throughout the years. But it will also show how big of a potential this field has.
$52 million to $1.2 billion – the projected growth of the legal cannabis market in Australia from 2018 to 2027. (Forbes) $80 billion – the expected growth of the cannabis industry in the U.S. (Flow Hub) 37% – the percentage growth of the worldwide cannabis market in 2017. (Forbes.com) 21% is the expected annual growth rate of the cannabis market from 2019 to 2021. Therefore in three years, the marijuana industry will be making an annual revenue of $23 billion. (American Cannabis Consulting) $5 billion – the predicted value that California’s cannabis market will hit by 2019. (Business Insider) Projected Annual Growth Rate of Cannabis Marke
Cannabis Market Size Statistics The increasing popularity of cannabis products has made the data for cannabis industry market size more transparent. That is due to the increasing number of companies that studies its market potential. Here’s a set of statistics that shows how far the CBD industry has come:
$146.4 billion – the expected global market of legal marijuana by the end of 2025. (Grand View Research) $22 billion – the Cannabidiol (CBD) market value by 2022. (Rolling Stone) $20 to $23 billion – the estimated economic impact on the U.S. of legal marijuana in 2017. (MJ Biz Daily) 62.9% of the global marijuana market in 2016 comes from marijuana buds. By the end of 2025, it’s estimated to reach a market value of $82.9 billion. (Grand View Research) $10 billion – the investment of North American companies in legal marijuana in 2017. (Fortune) $57 billion – the expected global spending on legal cannabis by 2027. (ArcView Market Research) $394.1 million – the capital raised by public cannabis companies from North America in 2019. (Flow Hub) 90% of the global marijuana market is accounted to the U.S. (Forbes) $1 billion – the expected annual revenue from the CBD category. (Flow Hub) Top 5 Marijuana Sales by States in 2018
025050075010001250150017502000225025002750300032503500 California
Colorado
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Source: Fortune.com
Designed by$2.75 billion$1.56 billion$1 billion$777.6 million$633 million Cannabis Sales Statistics How much does an ounce of CBD costs? What is the expected figure when it comes to future sales of marijuana? How many sales were made in the US? We’ve compiled a series of statistics gained from various cannabis industry research reports to answer those and more.
$10 billion – the sales of legal marijuana in the U.S. in 2018. (Fit Small Business) $320 – the average price of an ounce of high-quality marijuana in the United States. (Fit Small Business) The sales of legal cannabis in the U.S in 2017 topped those of the combined sales of Oreos and organic produce. (MJ Biz Daily) Fully legalized cannabis is capable of topping U.S. cigarette sales. (Fool.com) $25 to $50 – the average spending of most people each time they go to a marijuana retailer. (Fit Small Business) 9,397 – the number of active licenses for legalized cannabis business as of 2017. (Fit Small Business) $22 billion – projected sales of legal marijuana by 2022. (Fool.com) average spending of an individual every time he goes to a marijuana retailer
Cannabis Industry Employment Statistics The ascent of the marijuana industry has opened the door for jobs that haven’t existed before like master extractors and budtenders. Of course, there are also professions in the present that could find a new source of income from this market. Some of them, like web development and graphic design, are high-paying jobs that don’t require a degree. Ergo, this field has provided a good number of people with competitive jobs coupled with a competitive wage. Listed below is a set of cannabis industry employment statistics which illustrate these points:
$775,000 is the approximate startup cost of a regulated cannabis dispensary. (Statista) $3 million – the average revenue per annum of a regulated cannabis dispensary. (Fit Small Business) $1.92 million – the annual operating cost of a regulated cannabis dispensary. (Fit Small Business) 36% of executive positions are held by women in the cannabis industry. This is more than the 15% average in other fields. (MJ Biz Daily) $58,511 is the average salary per year for the marijuana industry. (Flow Hub) From December 2017 to 2018, the demand for jobs in the cannabis industry was as high as 76%. (Flow Hub) The average salary for cannabis workers is 10.7% higher compared to other U.S. industry workers. (Flow Hub) 21% – the average growth rate of jobs in the marijuana industry from 2018 to 2022. (Fool.com) Cannabis-Related Job Openings on Glassdoor from December 2017 - 2018
012525037550062575087510001125125013751500162517501875 December 2017
March 2018
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Source: Glassdoor Economic Research
Designed by85780073212681512 Cannabis Legalization Support Statistics The substance is still banned on the federal level. However, many states in the U.S. have already legalized marijuana for medical and recreational use. This is an important move because legalization is paired with the implementation of proper regulations. There are compliance management software that help businesses in adhering to the protocols too. Thanks to this, a state can enjoy its benefits while ensuring that cannabis isn’t abused in any way. Here are a few sets of statistics related to that subject:
62% of Americans support the legalization of marijuana. (Pew Research) 66% of Americans are in favor of legalizing recreational marijuana. (Flow Hub) 55 million U.S. citizens are cannabis users. (Fit Small Business) $52.5 billion – the total demand for cannabis in the U.S. in 2017. (Fool.com) 33 states have legalized marijuana for medical use while 10 for recreational. (Business Insider) 51% of Republicans support the legalization of cannabis. (Gallup) States that legalized marijuana
Cannabis Recreational Usage Statistics Many believe that marijuana must be, like alcohol and cigarette, be regulated instead of banned. It’s a harmful substance when abused but when supervised, becomes a viable product of pleasure. The Netherlands, one of the countries with the highest tax rate, is a fine example. Recreational consumption of cannabis there is tolerated and was decriminalized. Consequently, here are some more interesting facts about recreational marijuana:
60% of marijuana users in 2016 were men. (WebMD) 38% of cannabis consumers in 2018 are female. (Eaze) 18% of American consumers with age ranging from 18 to 29 use marijuana. (Fit Small Business) By 2022, recreational marijuana sales can double medical sales. (Fool.com) $1 million – the tax revenue Alaska gained from weed tourists in 2017. (Marijuana SEO) Female Share on Cannabis Consumption from 2015 - 2018
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Source: Eaze Insights
Designed by25%33%35%38% Cannabis Medical Usage Statistics Over 50% of the U.S. states have legalized the use of medical marijuana in various forms. Under strict regulation, it can be used for wellness purposes. It’s also being used as a treatment for some types of epilepsy. Here’s a series of stats to give more information regarding medical marijuana:
$100.03 billion – the estimated value of medical marijuana by 2025. (Grand View Research) $100 million – the first-year sales of medical marijuana in Maryland. (MJ Biz Daily) Medical marijuana users shop more frequently and spend more than recreational users. $136 vs $49 – the average spending of medical marijuana users per transaction compared to recreational marijuana users. (Green Entrepreneur) Some states like Alabama and Iowa implement a limited policy on the use of medical marijuana. Thus, patients are allowed to own CBD oil up to 3% THC. (Marijuana SEO) 71% of surveyed consumers said they use cannabis for wellness purposes. 53% of them claimed that they reduce their over-the-counter (OTC) pain treatment while 18% said they stopped completely. (Eaze) average spending of medical marijuana user
Cannabis Industry Is Exploding Various cannabis industry reports together with the statistics presented above point to one inevitable conclusion: this market is on the rise. It’s the combination of states legalizing them as well as the growth of CBD. The industry has gained momentum for the past few years and if the trend continues, figures can only go higher.
This is great news for those who want to make a business out of this. A great precaution, however, must be taken as this substance is still illegal on federal level. That’s why it’s a good idea for aspiring business owners to first make a thorough research. This’ll determine if their dispensary would grow with the industry or it’ll be burden with regulations. Also, a compliance management software is a good addition to their business tools.
By Nestor Gilbert Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.
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