53 Fascinating Cannabis Industry Statistics: 2024 Data Analysis & Market Share

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 for its boom in the market. To show the facts and figures related to this, we have rounded up a series of interesting cannabis industry statistics.

This new green revolution opened countless opportunities both for employment and investment. It has also made an impact on the economy. There are even POS systems now dedicated specifically to cannabis retail. During the COVID-19 lockdowns, there were many scenarios in different countries that indicated a rise in sales of cannabis to many anxious individuals. So much so that some places have deemed the marijuana industry essential. So whether you’re planning to invest in this market or simply want to know more, this compilation of cannabis industry data is for you.

Cannabis Industry Growth Statistics

Since its 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 markets. These market growth of marijuana statistics will illustrate not only how it has boomed throughout the years, but it will also show how big of a potential the sector has.

• $52 million to $1.2 billion – The projected growth of the legal cannabis market in Australia from 2018 to 2027 (Forbes, 2018).
• However, with more states legalizing its use, more recent findings show that the combined legal sales of cannabis for recreational and medical purposes may well reach $35 billion by 2025. (Global News Wire, 2020)
• $100 billion – The expected growth of the cannabis industry in the US by 2030 (Flowhub, 2021).
• The expected annual growth rate of the cannabis market from 2019 to 2021 is 21%. Therefore, in three years, the marijuana industry will be making an annual revenue of $23 billion (ACC, 2020).

Cannabis Market Size Statistics

The increasing popularity of cannabis products has made the data for the cannabis industry market size more transparent. This is due to the increasing number of companies that study its market potential. Here’s a set of statistics that show how far the CBD industry has come:

• $146.4 billion – The expected global market value of legal marijuana by the end of 2025 (Grand View Research, 2020).
• Florida and Oklahoma are the most rapidly growing cannabis markets in the US with sales expected to exceed $1 billion each by the end of 2021 (Marijuana Business Factbook, 2020).
• Meanwhile, the US states with the most cannabis sales as of 2020 are California ($3.8 billion), Colorado ($1.7 billion), and Michigan (1.21 billion).  (The Motley Fool, 2020)
• $22 billion – The Cannabidiol (CBD) market value by 2022 (Rolling Stone, 2018).
• $130 billion – The estimated contribution of cannabis businesses to the US economy by 2024 (Marijuana Business Factbook, 2020).
• 62.9% of the global marijuana market in 2016 came from marijuana buds. By the end of 2025, it’s estimated to reach a market value of $82.9 billion (Grand View Research, 2020).
• $10 billion – The investment of North American companies in legal marijuana in 2017 (Fortune, 2018).
• $57 billion – The expected global spending on legal cannabis by 2027 (Arcview).
• $394.1 million – The capital raised by public cannabis companies in North America in 2019 (Flowhub, 2019).
• 90% of the global marijuana market is accounted to the US (Forbes, 2018).
• $1 billion – The expected annual revenue from the CBD category (Flowhub, 2019).

Cannabis Sales Statistics

How much does an ounce of CBD costs? What is the expected figure when it comes to the 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 these and more.

• %15 billion – The projected sales of recreational and medical cannabis in the US by end of 2020 (Marijuana Business Factbook, 2020).
• $320 – The average price of an ounce of high-quality marijuana in the US (Fit Small Business, 2019).
• The sales of legal cannabis in the US in 2017 topped those of the combined sales of Oreos and organic produce (Marijuana Business Daily, 2018).
• Fully legalized cannabis is capable of topping US cigarette sales (The Motley Fool, 2018).
• $25 to $50 – the average spending of most people each time they go to a marijuana retailer (Fit Small Business, 2019).
• 9,397 – the number of active licenses for legalized cannabis business as of 2017 (Fit Small Business, 2019).
• $22 billion – projected sales of legal marijuana by 2022 (The Motley Fool, 2018).
• Average store revenue is up 52% to 130% compared with January at more than 1,300 stores using cannabis e-commerce platform Jane Technologies (POLITICO, 2020).
• Revenues for 1,300 stores using the e-commerce platform, Jane Technologies, were up 52 to 130% during March 2020 when the pandemic struck and lockdowns began (CNBC, 2020).
• Wholesale marketplace LeafLink reported a 48% spike in orders in March 2020 (CNBC, 2020).
• San Francisco and New York deemed marijuana businesses essential during the stay-at-home advisories in March 2020 (NPR, 2020).
• The Cannabis Control Commission (CCC) received 1,300 new patient registrations from March 23 to April 1, 2020, due to the COVID-19 related applications (MassLive, 2020).

Leading POS Software

1. Miva Merchant. This is a go-to ecommerce POS software because of its cost-effective pricing and powerful features. Read in our Miva Merchant review why businesses of all sizes love its mix of features like inventory management, subscription management, and the ability to display real-time prices at the point of sale.
2. Upserve. This is an all-in-one POS software used mainly for restaurants. Learn how its core features such as Upserve Payments, Upserve Inventory, and Upserve workforce can help you optimize your operations here in our Upserve review.
3. Clover. Used with its custom hardware, Clover is available via web-based or server deployment options. Learn more about its features like split payments options, menu editing, and inventory management feature in our dedicated Clover review page.
4. Lavu. This iPad-based POS platform is designed mainly for bars and restaurants. Learn more about its features like inventory management, labor management, touch screen ordering, electronic receipts, and many more here in our in-depth Lavu review.
5. Sapaad. This POS software is popular for its ease-of-use and its constant feature upgrades. See how it makes processes like inventory, food costing, and built-in loyalty programs easy in this comprehensive Sapaad review.

Cannabis Industry Employment Statistics

The rise 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 new sources of income in 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 competitive wages. Listed below is a set of industry employment related to marijuana statistics that illustrate these points:

• It is expected that the cannabis industry will generate an additional 250,000 full-time jobs between 2020 and 2024 (Marijuana Business Factbook, 2020).
• The median salary in the marijuana industry was $58,511 in 2019. This is $5,648, or 10.7% higher than the U.S. median salary of $52,863 (Glassdoor, 2019).
• $775,000 is the approximate startup cost of a regulated cannabis dispensary (The Motley Fool, 2018).
• $3 million – The average revenue per annum of a regulated cannabis dispensary (Fit Small Business, 2019).
• $1.92 million – The annual operating cost of a regulated cannabis dispensary (Fit Small Business, 2019).
• Women are holding executive positions that account for more than one-third of all such positions in cannabis (The Stranger, 2019).
• $58,511 is the average salary per year in the marijuana industry (Flowhub, 2019).
• From December 2017 to 2018, the demand for jobs in the cannabis industry was as high as 76% (Flowhub, 2019).
• The average salary for cannabis workers is 10.7% higher compared to other US industry workers (Flowhub, 2019).
• 21% – The average growth rate of jobs in the marijuana industry from 2018 to 2022 (The Motley Fool, 2018).

Cannabis Legalization Support Statistics

The substance is still banned on the federal level. However, many states in the US 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 solutions that help businesses in adhering to the protocols too. Thanks to these tools, 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 the subject:

• 62% of Americans support the legalization of marijuana (Pew Research, 2019).
• 66% of Americans are in favor of legalizing recreational marijuana (Flowhub, 2019).
• 55 million US citizens are cannabis users (Fit Small Business, 2019).
• $52.5 billion – The total demand for cannabis in the US in 2017 (The Motley Fool, 2018).
• In the US, 36 states have legalized marijuana for medical use (Investopedia, 2020).
• 15 of those 36 states allow adults to legally use the drug for recreational use as of November 2020 (Investopedia, 2020).
• 54% of voters who identified as Republicans say the federal government should legalize the use and sale of cannabis for adults (Forbes, 2020). 

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, it becomes a viable product of pleasure. The Netherlands, one of the countries with the highest tax rates, is a fine example. Recreational consumption of cannabis there is tolerated and was decriminalized. Consequently, here are some more interesting facts about the recreational use of marijuana:

• Women now use cannabis more than men, with 53% having tried it compared to just 42% of men. 6% of female respondents said they have used cannabis daily (CCC, 2019).
• 18% of American consumers aged 18 to 29 use marijuana (Fit Small Business, 2019).
• By 2022, recreational marijuana sales can double medical sales (The Motley Fool, 2018).
• $1 million – The tax revenue Alaska gained from weed tourists in 2019 (Marijuan SEO, 2020).

Cannabis Medical Usage Statistics

Over 50% of the US 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, 2020).
• $100 million – The first-year sales of medical marijuana in Maryland (Mjbizdaily, 2019).
• $500 to $2,500 annually – The average amount a marijuana consumer spends annually on cannabis products (Cova, 2020).
• 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, 2020).
• 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 (Forbes, 2019).

Cannabis Industry Is Exploding

What we can surmise based on the various cannabis industry reports, together with the statistics presented above is that the cannabis market will continue to thrive even under the COVID-19 health crisis. This was evident in the increase of cannabis purchases even during the various stay-at-home and lockdown measures introduced back in March 2020. 

Moreover, the market growth can be attributed to the support coming from both voters and legislators on the topic of marijuana legalization. This is welcome news to those who want to enter the cannabis business. Aspiring business owners must still do a lot of research to know the many dos and don’ts of the industry and updates on laws governing the sale of marijuana products. Also,  compliance management software would be an excellent addition to their business tools.

References:

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3. Cannabis industry statistics for 2021. (2021, February 11). Flowhub.
4. CFN Media. (2019, April 17). Why women, the fastest growing consumers of cannabis, are the demographic to watch. GlobeNewswire News Room.
5. Cowee, M. (2019, January 7). Chart: Maryland’s first-year medical marijuana sales approach $100 million. Marijuana Business Daily.
6. Daniller, A. (2019, November 14). Two-thirds of Americans support marijuana legalization. Pew Research Center.
7. Dsouza, D. (2020, November 12). The future of the marijuana industry in America. Investopedia.
8. Fertig, N., Zhang, M., & Demko, P. (2020, March 27). Cannabis finds its moment amid coronavirus outbreak. POLITICO.
9. Garber-Paul, E. (2018, September 11). Exclusive: New report predicts CBD market will hit $22 billion by 2022. Rolling Stone.
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11. How profitable is the average cannabis dispensary? (2020, March 2). American Cannabis Company.
12. Jardine, J. (2019, August 21). There are more women executives in cannabis than in other sectors of the economy, but there’s still room for improvement. The Stranger.
13. Legal marijuana market size worth $73.6 billion by 2027. (2021, March). Grand View Research, Inc.
14. Marijuana legal states. (2020, May 11). Marijuana SEO™.
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17. New Frontier Data. (2020, October 21). U.S. legal cannabis market to reach $35 billion by 2025. GlobeNewswire News Room.
18. Pellechia, T. (2018, March 1). Legal cannabis industry poised for big growth, in North America and around the world. Forbes.
19. Pellechia, T. (2018, June 26). In 2017 and beyond, U.S. enjoys the highest legal cannabis market share worldwide. Forbes.
20. Pellechia, T. (2019, February 1). In 2018, U.S. consumers ordered cannabis every 8 seconds. Forbes.
21. Reisinger, D. (2018, December 27). The legal marijuana industry is soaring—And 2019 could be its best year yet. Fortune.
22. The roadmap to a $57 billion worldwide market. (n.d.). The Arcview Group.
23. Roberts, C. (2020, August 19). Poll: Republicans like marijuana legalization, too (Even if it’s Kamala Harris’s idea). Forbes.
24. Wells, J. (2020, March 25). Legal cannabis industry sees record sales as customers facing coronavirus crisis stock up. CNBC.
25. Williams, S. (2018, May 13). 7 jaw-dropping marijuana statistics you have to see to believe. The Motley Fool.
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By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.