The new year is upon us, and what better way to get a feel for the terrain than by diving into the marijuana industry statistics?
Sales In The Marijuana Industry
- Marijuana sales will add almost $100 billion to the economy in 2023 after accounting for $27 billion in 2021 and $33 billion in 2022.
2. In 2022, the government collected almost $3 billion in retail cannabis taxes.
3. The average retail price of marijuana fell by around 20% in 2022, making it more affordable and accessible across the population thanks to greater supply.
4. Sales of pre-rolls are growing at nearly 40% year over year.
5. Aside from 4/20, other cannabis holidays with sales spikes include Memorial Day Weekend, Valentine’s Day, New Year’s Eve, and Green Wednesday.
6. Women represent less than a third of the total U.S. marijuana sales, but their sales rate is increasing more quickly than their male counterparts.
7. The BDSA Market Forecast estimated that 55% of total marijuana dollar sales in 2022 came from the illegal market for both recreational and medical sales.
Marijuana Industry Growth
8. By 2026, marijuana industry growth will make it so that there is more legal marijuana than illegal marijuana being sold in the United States.
9. The global legal marijuana market is predicted to expand significantly over the coming years at a compound annual growth rate (CAGR) of 25.4% between 2023 and 2030.
10. Marijuana industry growth was stunted during the pandemic due to supply chain disruptions and yoyo-ing supply, coupled with decreasing prices. However, post-pandemic demand forecasts look strong.
11. California’s marijuana market is among the largest in the world and is larger than the entire country of Canada.
12. The United States’ total number of cannabis users will grow by about 4% until 2030, when the number is estimated to reach around 71 million.
13. Generation Z will likely be the key demographic in marijuana industry growth, as their market share doubled between early 2020 and the start of 2022.
Marijuana Consumption Rates
14. Rising marijuana usage is leading to more cannabis cultivation across the United States.
15. 45% of 2022 marijuana users complete a marijuana purchase one or more times each week.
16. In terms of a daily or weekly routine, nearly half (47%) of cannabis consumers use cannabis every day, while 67% use it more than once each week.
17. In 2022, around 52 million adults in the United States consumed cannabis at least once, counting both legal and illegal markets.
18. Around half of adults in the United States report having tried marijuana in their lifetimes. This figure rose from 45% in 2019 to 49% in 2021 and will continue to grow in 2023 and beyond.
Marijuana Supplies
19. In 2022, the United States supplied around 48.8 million pounds of marijuana to the market — that’s both legal and illegal weed.
20. For those purchasing cannabis, 60% report the potency of THC as the main deciding factor when considering which product to purchase.
21. Average square footage in cannabis production facilities is growing significantly — in 2016, it was 18,200 sq. ft., and in 2020 it was 36,300 sq. ft.
22. California leads the American marijuana industry with the most cultivation licenses in the country.
23. Texas holds over one-third of the U.S. population who have no legal access to marijuana.
Marijuana Legalization
24. As of 2022, 21 states, the District of Columbia, and 2 territories have passed measures legalizing recreational marijuana usage by adults.
25. In 2022, South Dakota, New Jersey, Montana, and Arizona voted for measures to legalize adult-use recreational cannabis.
26. Polls show that 88% of U.S. adults want marijuana to either be legalized for either recreational use (58%) or for medical use only (30%), a significant increase from just a decade ago.
27. Republicans are less certain than Democrats that marijuana should be legalized for recreational use: 73% of Democrats and Democrat-leaning individuals believe marijuana should be legalized for both recreational and medical use, compared with 45% of Republicans and Republican-leaning independents.
28. Once 18 potential states pass their marijuana legalization bills, 96% of Americans will live under laws that legalize marijuana
29. 77% of the United States pоpulation lives in a state where marijuana is somewhat legalized.
30. 77% of marijuana users believe there should be legalized cafes where people can use cannabis.
Cannabis Dispensaries
31. Cannabis dispensaries cost $800,000 to start on average.
32. Cannabis dispensaries generally have a profit margin of around 15%, which is around the same as liquor stores.
33. Two-thirds of marijuana consumers report being loyal to their dispensaries and that they always purchase from the same business.
34. 46% of marijuana users source their cannabis products from dispensaries, whereas 20% report their purchasing decisions being influenced by the stated mood-specific labeling.
Working In The Marijuana Industry
35. At the beginning of 2022, there were 428,058 full-time equivalent jobs, an increase of 33% in just one year.
36. More people work in the cannabis industry than in hairstyling and cosmetology combined.
37. There are more people working in the cannabis industry in the United States than there are paramedics, electrical engineers, or dentists.
38. Around 5% of black Americans own business equity in industry, but only 2% of cannabis companies have black ownership.
Marijuana vs. Other Products
39. Vapes represent year-over-year growth of 28% and are competing with the flower for the number one spot.
40. While marijuana flower reigns as the most popular product, its market share is shrinking as other products grow in popularity.
41. Most consumer spending is on marijuana flower and vapes, whereas pre-rolls and topicals comprise the lowest sales categories.
42. Young adults report being more likely to try smoking cannabis than smoking cigarettes.
Marijuana Products
42. Marijuana-infused drinks are becoming more popular and grew by 45% in 2021-2022 alone.
43. By 2025, edibles will likely comprise 15% of the entire cannabis market.
44. Over 51% of all cannabis consumers have expressed an interest in new products.
Medical Purposes In The Marijuana Industry
45. Stress is the most commonly cited reason for cannabis use (21.9%), followed by the benefits for mental health (21.5%).
46. For 37% of cannabis consumers, marijuana is tied to working out and exercising.
47. Over half of the current marijuana users in the United States use cannabis both medically and recreationally.
48. Medical cannabis users are likely to increase thanks to more medical conditions falling under the umbrella of marijuana as a treatment.
49. New research is confirming that marijuana and CBD can help treat certain types of epilepsy, vomiting and nausea caused by chemotherapy, and weight loss and loss of appetite associated with cancer treatment and HIV/AIDS.
50. The latest research also appears to suggest that cannabis is helpful for chronic pain and multiple sclerosis.
