With cannabis legalization spreading across the globe, the industry is flourishing. Growing both in size and value, the marijuana market is now a force to be reckoned with. Particularly in the U.S., where 36 of the 50 states allow medical marijuana (and 18 states have legalized recreational adult-use), business is booming.

For current and prospective cannabusiness owners, the future is looking very bright – or maybe we should say green. Marijuana is going mainstream and everyone from dispensary owners to cannabis brand developers are reaping the benefits.

Even if you aren’t usually interested in statistics, there’s no denying that there are some seriously impressive numbers coming out of the cannabis industry. We took a deep dive into the data, searching for the cannabis industry statistics that we think matter most. Then, we put together this condensed, but the incredibly informative report that covers the stats you want to know, now.

From our research team to you, here’s our guide to the state of the cannabis industry in 2021.

2021 Cannabis Industry Statistics: The Highlights

• Support for legal cannabis has reached an all-time high, with 68% of Americans saying they’re in favor. (Statista)
• The U.S. cannabis industry has a staggering value of about $61 billion. Recreational cannabis alone is predicted to exceed $40 billion in annual sales by the year 2026. (Statista)
• In 2020, cannabis sales in America increased by 67%. (Flowhub)
• As of 2020, about 18% of Americans said they had consumed cannabis within the past year. (Statista)

How big is the marijuana market?

In 2020, the U.S. cannabis industry/market was estimated to be worth about $61 billion.

One of the top cannabis analysts on Wall Street, Cowen Vivien Azer, forecasted a total worth of $80 billion by the year 2030 (CNBC). But when the COVID-19 pandemic spurred record growth in the industry, the projected value increased to a stunning $100 billion USD by 2030 (Business Insider).

Suffice to say, the marijuana market is massive – and it’s growing even larger every day.

Cannabis Market Segments

1. Cannabis flower continues to reign supreme as the product of choice.

So far, it seems that flower has held on to its title as the favorite form of cannabis. Based on data collected in California, home to the largest legal cannabis market in America, flower accounts for about 40% of sales (Statista).

2. New players are emerging in the market, including cannabis edibles and vapes.

In 2020, edibles and cannabis vape products gained ground on flower and accumulated a significant share of the market. Vape pens make up more than 25% of sales, which has definitely garnered attention from dispensary owners, investors, and brands alike.

Globally, cannabis oils claimed the largest revenue share in 2020, likely due to the growing medical marijuana patient population and increased legalization of this specific product type. (Grand View Research)

3. CBD has burst onto the market’s main stage.

CBD sales hovered just over $4.5 billion in the U.S. in 2020, and the CBD market segment is expected to grow to $16 billion by the year 2026. (Statista)

Marijuana Legalization and Public Perception

1. A total of 18 states have now legalized recreational adult-use cannabis.

As of October 2021, 18 U.S. states (plus the District of Columbia and Guam) have passed measures legalizing recreational marijuana. The most recent states to join this group of trailblazers are Arizona, New Jersey, Montana, New York, Virginia, Connecticut, and New Mexico. (U.S. News)

2. Now, more than 145 million Americans live in a state where cannabis has been legalized.

Data from the U.S. Census Bureau shows that more than 42% of Americans reside in a state that has enacted legalization measures.

Cannabis Jobs and Businesses

1. The cannabis job market has created hundreds of thousands of U.S. jobs.

Between 2019 and 2020 alone, cannabis employment opportunities grew by 15%. As of 2020, the legal cannabis industry accounted for more than 243,000 full-time jobs available to American workers. (Leafly)

2. About 90% of dispensaries and recreational cannabis retailers, product manufacturers, and cultivators are profitable (or breaking even).

Even with the unique challenges involved in opening a new cannabis business, a vast majority of companies in the marijuana industry are financially successful. (MJBizDaily)

3. The average cannabis dispensary makes about $3 million in income per year.

Also, more than 25% of U.S. dispensaries generate $1 million or more in annual revenue. Less than 10% of all small businesses report annual revenue exceeding $1 million, so this is easily one of the most astounding figures on our list. (MJBizDaily)

Moving Forward into the Future of the Cannabis Industry

The statistics are overwhelmingly in favor of the success of the American cannabis industry, particularly as the market has picked up momentum in recent years. It’s never been a better time to be a cannabusiness owner, but you’ll need to be well-equipped with a solid plan and smart strategy to pull ahead of the competition.

Let Marijuana Marketing Xperts help you ride the wave of the rapidly-expanding industry, as we create, implement, and maintain a tailored cannabis marketing strategy for your business. Together, we can propel your cannabusiness ahead of the pack – and you might just end up as part of a headline-grabbing cannabis industry statistic sometime soon!

For more information about our cannabis digital marketing services, connect with our team today.

 

Image Sources: NicoElNino / ZenkyPhoto / Poring Studio / Siberian Art / French and Moorish / OpenRangeStock / Shutterstock