30 Astounding Cannabis Industry Statistics [2024 Update]

Posted on March 20, 2021 | by Darko Jacimovic

The cannabis industry is growing in both market size and value. It’s currently booming worldwide, and the latest cannabis industry statistics we’ve collected for you provide ample proof.

However, it’s tough to measure how much investment goes into this market or the size of the advertising and marketing budgets.

What’s more, cannabis being illegal in so many states indicates that most of the sales revenue comes from the black market.

Let’s take a look at where this industry’s been and where it’s headed.

Cannabis Industry Statistics & Facts Overview (Editor’s Choice)

67% of Americans believe marijuana should be legalized.
33 states have approved marijuana for medical uses.
The United States marijuana market is estimated to be worth approximately $52 billion.
Global legal marijuana market is projected to reach $146.4 billion by 2025.
Consumption of CBD products increased amidst the COVID-19 pandemic.
TikTok is a rising marketing platform for cannabis products.
As of 2020, there are 243,700 legal and full-time cannabis industry jobs.
On average, cannabis dispensary customers spend $645 per year.

United States Cannabis Industry Stats

1. 67% of Americans believe marijuana should be made legal.

(Pew Research)

Two-thirds of Americans publicly state they think marijuana should be legalized, marijuana legalization statistics show.

This is a huge increase in the number of people supporting the legalization of cannabis, as the figure stood at a measly 12% in 1969.

2. 33 states have approved marijuana for medical uses.

(ABC News)

Marijuana is still illegal by federal law. However, medical marijuana legalization statistics show that 33 states have approved its use for medicinal purposes. Oklahoma is the latest and one of the most conservative states to legalize its use.

3. 11 states have made marijuana legal for people over the age of 21.

(Business Insider)

As of January 1, 2020, the sale of marijuana is now legal in 11 states, with Illinois currently the latest state to pass appropriate legislation.

The other ten states where marijuana is legal are Michigan, Maine, Massachusetts, Vermont, Washington, Oregon, Nevada, California, Colorado, and Alaska.

4. Oregon’s sales from recreational marijuana reached $89 million in April 2020.

(Quality Info)

According to the Oregon cannabis industry stats, the state made a new record sale for recreational marijuana in April last year. This sales surge in a single month happened amidst the lockdown due to the coronavirus pandemic.

5. Colorado has the highest number of open dispensaries (515).

(Statista, Medical Marijuana Inc)

The US cannabis market size is looking to increase as more and more states project an increase in legal dispensaries to meet the demand for medical marijuana.

Colorado and Ohio have the largest number of dispensaries, while California and Michigan record the highest number of marijuana patients.

Moreover, Colorado was the first US state to have legalized recreational marijuana in 2012. Colorado cannabis industry statistics show about 590 retail marijuana stores are operating legally throughout the state.

6. Nearly 10,000 commercial cannabis licenses have been issued across California beginning 2021.

(Cannabis Business Plan)

California started legalizing commercial cannabis activities by issuing licenses to businesses in 2018.

According to California cannabis industry statistics, about 10,000 commercial cannabis licenses are issued throughout the state as of January 2021. Of this, 9,721 are active licenses.

7. In 2020, Oklahoma’s cannabis market value reached nearly $800.

(Cannabis Business Plan)

Oklahoma cannabis industry stats prove how the state’s medical cannabis market has been skyrocketing over the past couple of years.

For example, marijuana sales reached $1 million in 2018, and this has grown over 300 times in 2019, with sales recorded at $345 million.

In 2020, sales from retail medical cannabis amounted to almost $800. These figures are generated in just a year, but they’re growing exponentially.

8. The United States marijuana market is estimated to be worth approximately $52 billion.

(INC)

If you’re wondering exactly how much is the marijuana industry worth, the answer will depend on the market.

With that in mind, the US market remains the largest marijuana market, with reported figures of $52 billion worth.

Facts About the Cannabis Industry

9. The cannabis industry’s worth was estimated to be around $61 billion in 2020.

(FlowHub)

In 2019, Cowen Vivien Azer of Wall Street projected the cannabis industry would be worth $80 billion by 2030. But currently, that forecast has increased to $100 billion.

Despite the pandemic last year, cannabis industry stats show that cannabis sales nationwide grew by 67%.

If this sales growth continues in the next couple of years, the projected cannabis industry value will be reached in no time.

10. Global legal marijuana market is projected to reach $146.4 billion by 2025.

(Marijuana SEO)

The legal sales of marijuana worldwide are exploding, as the stats on the growth of the cannabis industry suggest. Additionally, the number of states legalizing weed is growing, which will have a significant economic impact.

As tax revenues are projected to increase, there will be lots of investment opportunities and job growth.

11. Cannabis sales are expected to top medical sales within the next two years.

(Fool)

According to the latest medical marijuana industry statistics, cannabis is expected to overtake medicine in sales.

Recreational cannabis is expected to reach $14.8 billion in sales by that time.

12. The cannabis market is estimated to be worth $73.6 billion by 2027.

(Grand View Research)

The global legal cannabis market is projected to be worth a whopping $73.6 billion within the next seven years.

Its anticipated legalization is expected to promote growth, especially for medical and recreational uses in adults.

13. 87% of total sales revenue came from the black market.

(INC)

The same medical marijuana revenue statistics indicate that only $6.2 billion came from legal sales.

This leaves an astonishing $46 billion in illicit sales.

Trends in the Cannabis Industry

14. Consumption of CBD products increased amidst the COVID-19 pandemic.

(Prohibition Partners)

Known for its effectiveness in reducing inflammation, cannabidiol and its related products became widely used among athletes and gym enthusiasts.

Not only that, but medical marijuana statistics also suggest CBD helps alleviate several mental health problems, including anxiety.

For that reason, more people resort to cannabis products to treat anxiety caused by the COVID-19 pandemic. As a result, CBD consumption increased, as stats on marijuanas in 2020 have shown.

15. TikTok is a rising marketing platform for cannabis products.

(The Cannabis Marketing Association)

Unlike other social media platforms, such as Facebook and Twitter, TikTok implements more relaxed advertising rules.

As such, cannabis-related hashtags are allowed without having your account suspended.

This is one of the new trends in the cannabis industry that will undoubtedly benefit many dispensaries as they learn how and where to allocate their marketing resources.

16. Cannabis dispensary drive-thrus have significantly grown since the coronavirus pandemic.

(The Cannabis Marketing Association)

Due to the lockdowns and social distancing protocols, many dispensaries were forced to close business or adjust their operations for good.

This also led to the rise of drive-thrus for cannabis dispensaries, becoming an addition to the growing cannabis industry trends.

Through this method, customers and budtenders can interact more effectively and still observe social distancing rules.

17. Demand for cannabis edibles, especially among senior citizens, also rose considerably.

(The Cannabis Marketing Association)

Some sources hinting that smoking marijuana can increase the risk of contracting coronavirus pop up frequently. This alarmed the vulnerable population, such as the senior citizens, to consider cannabis edibles as an alternative.

This results in a surge in edible cannabis sales. Taking that into consideration, these trends in the cannabis edibles industry enable dispensaries to tailor their marketing strategies to the consumers’ needs.

18. Cannabis companies will continue working with telemedicine companies in 2021.

(Prohibition Partners)

The use of legal adult-use cannabis grew in 2020 as more people sought help to ease their stress, anxiety, depression, and boredom.

Also, while in lockdown, many patients look for ways to access their medicines more efficiently. This gave birth to the rise of telemedicine companies.

In 2021, it is expected that these medical cannabis production and industry trends will continue as cannabis companies will keep working with telemedicine companies to deliver the patients’ medicines safely and conveniently.

19. More pharmaceutical companies are expected to be part of the rising dronabinol market globally.

(Prohibition Partners)

The dynamic shift towards the dronabinol market, particularly in Europe, is highly expected in 2021. Stats about cannabis industry companies identify several of these pharmaceutical companies becoming key suppliers of dronabinol products.

Entry of these companies, including Breath of Life Pharma, Cantourage, Tilray, and Echo Pharmaceuticals, is also anticipated to intensify the competitive landscape for dronabinol in Europe.

Cannabinoid Market Size

20. As of 2020, there are 243,700 legal and full-time cannabis industry jobs.

(Leafly)

The expanding industry has created over 33,700 additional jobs across the nation. According to these cannabis industry employment statistics, that’s a 15% increase from 2019.

21. The average dispensary income for 2020 is reported to be $3.74 million.

(Cannabis Business Times)

This figure denotes a slight increase, from $3.73 million in 2019. Despite such, the median company revenue declines from $273,000 in 2019 to $269,000 in 2020.

And now, let’s see what it takes to run a dispensary:

22. The annual operating costs for a dispensary amount to $1.92 million.

(Statista)

According to these marijuana dispensary statistics, to successfully operate a dispensary, you need just shy of $2 million every year or about two-thirds of your projected annual revenue.

23. The cannabis market growth is expected to be about 21% per year.

(American Cannabis Consulting)

Despite all the obstacles and challenges the cannabis industry is facing, projections estimate a steady growth rate in the years to come.

Cannabis industry official stats say one in five Americans is using cannabis, and this number is only going to increase, further emphasizing the need for more operating dispensaries.

24. There were 7,490 cannabis dispensaries in the US in 2020.

(Statista)

The above statistic answers the question, “How many dispensaries are there in the United States in 2020?” Among the states where marijuana is legal, Oklahoma had the most dispensaries, amounting to 2,129.

It’s also the only US state that reached the 2,000 mark. California and Oregon were next on the list, with 1,440 and 1,344, respectively.

25. On average, cannabis dispensary customers spend $645 per year.

(Sales Fuel)

We’ve learned earlier how much is needed to run a dispensary the entire year. Now, we’ll look into the average dispensary transaction value by looking at the customers’ spend on cannabis dispensaries.

Reports show that the average customer spends $645 on marijuana annually. Additionally, more than half of customers (57%) pay over $500, while less than 10% spend more than $2,500.

26. Cannabis workers report a 10.7% higher median salary compared to the US median salary.

(Marijuana Business Daily)

This could be one of the surprising industry facts about cannabis. According to these reports, the median salary in the cannabis industry amounts to $58,511. In comparison, the median salary in the US is $52,863 per year.

It’s safe to say that marijuana has a significant economic impact, as we can see a considerable difference in income.

Cannabis Sales Statistics

27. The average price for an ounce of marijuana is $319.

(Statista)

According to these cannabis industry statistics, the price for an ounce of marijuana will triple by 2021. The average price for an ounce in the US in October 2019 was $319.

The District of Columbia recorded the highest price at $595 per ounce, followed by Illinois ($353.15) and Connecticut ($332.83).

28. On average, people spend $25 to $30 per trip to a cannabis retailer.

(Forbes)

Marijuana usage statistics indicate that only 8.2% would spend more than $100 when visiting a marijuana retailer.

The average amount most people spend stands at $25 to $30 per trip, and an equal number spend even less than $10 on a singular item.

29. Sales of legal cannabis are expected to exceed $17 billion through 2020.

(New Frontier Data)

The US cannabis market is increasing each day, and the latest reports indicate a staggering $17 billion sales are expected for 2020.

However, it’s still a long way from the projected growth for illicit sales. Namely, cannabis industry facts indicate about $62 billion will be generated from illegal sales in 2020.

30. A report shows that internet display advertising for cannabis amounted to $370.2 million.

(Dash Two)

According to these cannabis advertising statistics, that’s a whopping amount of money spent on advertising over the internet.

However, it’s good to note that the target audience for these ads is adults over 21. Internet channels, especially social media, prohibit ad utilization for audiences below this age.

Bottom Line

What these mind-blowing cannabis industry statistics indicate is that the industry has been gaining momentum, especially in the last few years.

However, with the substance still illegal on a federal level, all those who want to start a business should do so with caution.

We can’t deny the fact that this industry has yet to reach its full potential.

So, if you’re looking for a career opportunity, this may not be the worst idea. As long as you stick with the legal part of it, of course.

FAQ

What are the cannabis market trends?

Intense globalization and legalization of cannabis are already in effect, and different types of trends will change the consumer’s experience.

With that in mind, here are some of the trends that will continue to evolve and shape the cannabis industry:

Social Consumption – reports indicate up to 41% consume before, during, or after social interactions.
Cannabis Beverage – there’s a precise rise in cannabis-based beverages, and sales are looking to skyrocket in the coming years.
Growth of CBD – cannabidiol has been widely praised for its health benefits, and it’s often used in the form of an oil.
Ageing Consumers – people in their 20s are considered prime candidates for cannabis consumption. However, older folks are also purchasing cannabis and are not targeted for advertisements.

How do marijuana taxes work?

Marijuana sales are legal in eleven states. However, only seven states are legal and taxable, while four are only legal with no tax system in place.

This means that seven of these states tax the consumer for the purchase of marijuana, while four tax the transaction between distributors and cultivators.

The seven legal and taxable states are: Alaska, Colorado, Massachusetts, California, Washington, Oregon, and Nevada.

The four legal states with no tax system are: Maine, Vermont, Michigan, and Illinois.

How much did the cannabis industry make in 2020?

According to the most recent report, the US cannabis industry was worth $16.1 billion and $19.6 billion worldwide. Moreover, sales from cannabis increased by 67% throughout the US. Another major contributor to this cannabis industry’s growth is the surge in support for legal marijuana, with a whopping 68%.

Who are the top players in the cannabis market?

Here are the leading players in the cannabis market within and outside of the US:

US: MedMen, Terra Tech Corp., Medical Marijuana Inc., Cresco Labs, Curaleaf Holdings, Harvest Health and Recreation, Green Thumb Industries
Canada: Canopy Growth Corporation, Aurora Cannabis Inc., VIVO Cannabis Inc. (Canada), The Cronos Group, Organigrams Holding Inc., Maricann Group Inc., Indiva, Hexo Corp., TerrAscend
Australia: Ecofibre Limited
Denmark: Stenocare
Israel: Tikun Olam

Which region is expected to hold the highest market share in the cannabis market?

North America’s market is expected to hold the highest share in the cannabis market over the forecast period (2015-2026), according to cannabis industry statistics.

It was reported that this market was worth $5,994.9 million in 2018 and projected to reach $24,578.3 million by 2025 at a steady growth rate.