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 for cannabis retail. 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 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 the sector 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 US. (Flow Hub)
- 37% – the estimated 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 of California’s cannabis market by 2019. (Business Insider)
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)
- $22 billion – the Cannabidiol (CBD) market value by 2022. (Rolling Stone)
- $20 to $23 billion – the estimated economic impact on the US of legal marijuana in 2017. (MJ Biz Daily)
- 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)
- $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 in North America in 2019. (Flow Hub)
- 90% of the global marijuana market is accounted to the US. (Forbes)
- $1 billion – the expected annual revenue from the CBD category. (Flow Hub)
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.
- $10 billion – the total sales of legal marijuana in the US in 2018. (Fits Small Business)
- $320 – the average price of an ounce of high-quality marijuana in the US. (Fit Small Business)
- The sales of legal cannabis in the US in 2017 topped those of the combined sales of Oreos and organic produce. (MJ Biz Daily)
- Fully legalized cannabis is capable of topping US 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. (Fits Small Business)
- $22 billion – projected sales of legal marijuana by 2022. (Fool.com)
Leading POS Software
- 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.
- 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.
- 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.
- 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.
- 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 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 in 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 US industry workers. (Flow Hub)
- 21% – the average growth rate of jobs in the marijuana industry from 2018 to 2022. (Fool.com)
Source: Glassdoor Economic Research
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 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)
- 66% of Americans are in favor of legalizing recreational marijuana. (Flow Hub)
- 55 million US citizens are cannabis users. (Fit Small Business)
- $52.5 billion – the total demand for cannabis in the US 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)
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:
- 60% of marijuana users in 2016 were men. (WebMD)
- 38% of cannabis consumers in 2018 were female. (Eaze)
- 18% of American consumers aged 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)
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)
- $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)
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 in 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 the federal level. That’s why it’s a good idea for aspiring business owners to first do thorough research. This will determine if their dispensary would grow with the industry or be burdened with regulations. Also, a compliance management software would be an excellent addition to their business tools.