60+ Must Know Cannabis Industry Statistics (2024)

The world of cannabis has undergone an outstanding transformation. From once being a business operated in the dark, cannabis has now become one of the fastest-growing industries in the United States.

Today, the global cannabis market is worth billions of dollars, all thanks to the increasing number of states legalizing it. In the U.S., it’s now easier than ever to get cannabis products, this industry has been growing rapidly for the past five years, and it is not going to stop now.

The cannabis industry is expanding so fast that it’s becoming a bit tricky to keep up with all the amazing progress it’s making.

So, whether you’re thinking about starting a business in this industry or want to know where it’s headed, this article will give you all the important cannabis industry statistics for 2024.

Cannabis Industry Growth Statistics

Since marijuana became legal, its industry has been booming for both medical and recreational purposes. These stats will show how much the marijuana market has grown and how much potential it still has.

  • The global cannabis market is expected to grow at a compound annual growth rate of 24.3 from 2022 to 2027. (source)
  • North America bagged the largest share of legal cannabis sales in 2020, almost capturing the entire market. (source)
  • The cannabis industry is projected to contribute an estimated $100 billion to the United States economy in 2023. (source)
  • California stands as the world’s most significant cannabis market, surpassing the entire Canada in size. (source)
  • The adult-use market is predicted to reach a value of $37 billion by 2026. (source)
  • Due to favorable climatic circumstances and the legalization of medical marijuana, some large states including Florida, Oregon, Nevada, California, Washington, and Colorado are the top producers of cannabis. (source)
  • The U.S. cannabis users are projected to expand at an annual rate of approximately 4% over the next eight years, reaching an estimated 71 million consumers by 2030. (source)
  • Cannabis-infused beverages are becoming more and more popular, with a 45% increase in growth year over year in 2021. (source)

Cannabis Market Size Statistics 2024

In the ever-changing landscape of the cannabis industry, understanding the market size will help you stay informed. These stats will give you a brief idea of what is the market share for recreational and medical cannabis.

  • The recreational cannabis market in California is predicted to grow to 7.2 billion USD by 2024. (source)
  • At a compound annual growth rate (CAGR) of 32.04%, the cannabis market is predicted to rise from $28.266 billion in 2021 to $197.74 billion in 2028.  (source)
  • The legal cannabis industry was valued at $30 billion in 2022, expected to surpass $35 billion in 2023. (source)
  • Despite the coronavirus outbreak, Flower continued to account for the largest portion of cannabis sales in California throughout the first half of 2020. (source)
  • Arizona is expected to be the fastest-growing state for the cannabis market between 2021 – 2026. The state’s market is predicted to expand by 580% throughout that time. (source)
  • In 2019, 48.2 million Americans, or nearly 18% of the population, utilized cannabis at least once. (source)

Cannabis Sales Statistics

From where people prefer to purchase cannabis to what is the sales rate for medical or recreational cannabis, these stats will provide you with an informative insight into all the sales statistics.

  • The sales of the cannabis industry are expected to achieve a total of approximately $33.88 billion in 2023. (source)
  • Cannabis sales reached $21.1 billion in 2022 in the United States only. (source)
  • The sales of medical cannabis were around $10 billion in 2022, which is expected to reach around $14 billion in 2028. (source)
  • The sales of recreational cannabis are projected to increase from $19.3 billion in 2022 to around $42.8 billion by 2028. (source)
  • Almost half of the customers (46%) purchase cannabis products from dispensaries. (source)
  • Sales of marijuana increased in the first year of the pandemic. In 2020, Americans spent more than $18 billion on cannabis, a 71% increase from sales in 2019. (source)
  • In 2021, there was a significant increase in both medical and recreational cannabis sales in the United States, with 34% and 43% respectively, compared to 2020. (source)
  • After 4/20, Green Wednesday, Memorial Day weekend, Valentine’s Day, and New Year’s Eve saw the biggest cannabis sales in 2021.  (source)
  • Female customers account for 37% of cannabis product consumption, and 9 out of 10 buy it legally from dispensaries. (source)
  • Over 57% of cannabis users spent more than $500 on marijuana, with the average consumer spending $645 per year. Less than 10% of clients spend more than $2,500 on both medical and recreational use. (source)

Cannabis Usage Statistics

The use of cannabis has attracted considerable attention, containing both its recreational appeal and its medical options. The following Cannabis Industry Usage Statistics will provide a detailed look into the behaviors and patterns of cannabis consumers, granting valuable insights into the whos, the whys, and the hows of cannabis use.

  • A projected 54 million American adults will use cannabis in 2023; which is expected to reach 69 million cannabis users by 2030. (source)
  • Cannabis usage is most prevalent in the age group of 18 to 25 in the United States. (source)
  • The market share of Generation Z has doubled in the past two years (from 8.3% in the first quarter of 2020 to 15% in the last quarter of 2021), making them the group that has experienced the greatest growth. (source)
  • An estimated 192 million people became cannabis consumers in 2018 globally, making it the most commonly used substance overall. (source)
  • 37% of people use cannabis while working out. Out of these 22% of individuals utilize cannabis products before working out and 20% after working out. (source)
  • In a survey, people answered that they use cannabis majorly for stress (21.9%) and mental health (21.5%). Apart from these, they also mentioned fun (17.2%), sleep (12.2%), and productivity (9.5%). (source)
  • The number of American adults who have tried cannabis has increased to 49%. Only 4% of people had tried marijuana more than 50 years ago, which increased to 20% in 1997 and 40% in 2015. (source)
  • Since the start, the flower of a cannabis plant and pre-rolled joints have dominated the sales, although they are gradually losing market share. By 2020, these products’ market share has dropped to 46% from 57% in 2017, due to the products like vape and edibles. (source)
  • Compared to prior generations, young adults are more likely to consume marijuana currently. According to statistics collected between 2015 and 2021, 20% of millennials, 11% of Gen Xers, 9% of baby boomers, and 1% of traditionalists acknowledged consuming marijuana. (source)
  • The rate of young adults using cannabis has risen by 5% since 2018, while the proportion of those in the same age group smoking cigarettes has reached its lowest point in the past 3 years. (source)
  • Over half of the cannabis consumers (55%) use cannabis both for medical and recreational purposes. (source)

1. Medical Cannabis Usage Statistics

  • An overwhelming majority of 91% of adults use cannabis for medical purposes. Moreover, 75% of respondents claimed that, wherever possible they would choose natural remedies over medicines to cure medical illnesses. (source)
  • Additionally, 62% of people responded to a survey that will prefer legalized medical cannabis over pharmaceuticals to cure their condition. (source)

2. Cannabis Recreational Usage Statistics

  • Sales tax revenue from recreational marijuana is the sole motivation for states to legalize the recreational consumption of cannabis. In 2020, the tax revenue gains were over $1 billion for California and over $600 million for Washington. (source)
  • In the United States, recreational cannabis use was close to one billion kilograms in 2020. By 2025, this number is estimated to increase three times as additional states implement retail marijuana sales. (source)
  • Despite legalized cannabis being offered in stores in certain states, most marijuana users claim that their main source of cannabis is friends. (source)

Cannabis Acceptance Statistics

In recent years, the cannabis industry has seen a major shift in the perception of legality. Thus, states and people are accepting cannabis more than ever. These stats will help you know which states have already given a green flag for cannabis.

  • As of January 2023, out of 50 many states have legalized the recreational use of cannabis for people over the age of 21, those are Colorado, Washington, Alaska, Oregon, California, Maine, Massachusetts, Nevada, Michigan, Vermont, Guam, Illinois, Arizona, Montana, New Jersey, New York, Virginia, New Mexico, Connecticut, Rhode Island, Maryland, Missouri, Delaware, and Minnesota. (source)
  • A whopping majority (88%) believe that there should be legal marijuana available, out of which 59% believe that it should be legalized for both recreational and medical use. Whereas 30% believe that it should be legalized for medical usage only. (source)
  • New Frontier Data analyzed and identified the six states most likely to pass recreational legislation by 2030. Those states are Florida, Pennsylvania, Oklahoma, New Hampshire, South Dakota, and Ohio. (source)

 

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Manostaxx
Manostaxx – Industrial Management Consulting

See: https://manoxblog.com/2024/03/21/effect-of-storage-conditions-on-the-potency-of-cannabinoids-in-cannabis-trimmings/

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