Cannabis Trends and Stats for 2024
The cannabis industry in the U.S. presents a lucrative opportunity for investors as legalization continues to expand across states. This growing market offers a wide array of opportunities, from edibles and gourmet foods to drinks and essential oils, sparking innovative cannabis products.
To navigate this dynamic landscape successfully, it’s crucial to stay informed. Our guide on the latest U.S. Cannabis Industry Statistics for 2024 provides key insights into market trends, growth projections, and investment opportunities, making it an essential resource for both seasoned investors and newcomers looking to make informed decisions in the cannabis sector.
- Opportunities In The Cannabis Industry
- Opportunities In The Cannabis Industry
- U.S. Cannabis Legalization Overview
- U.S. Cannabis Legalization Overview
- Trends in Cannabis Consumption
- Trends in Cannabis Consumption
- Health Risks of Cannabis Use
- Health Risks of Cannabis Use
- Empower Your Cannabis Journey with AlphaRoot
- Empower Your Cannabis Journey with AlphaRoot
Opportunities In The Cannabis Industry
America saw a swift change in people’s perception regarding cannabis a few years back. While federal legalization of cannabis is still pending, more than half of all U.S. States allow some form of cannabis usage.
Following the legalization and the market’s growing CAGR (Compound Annual Growth Rate), more startups are being established ultimately creating more job opportunities.
Here are some things you need to know about the opportunities within the cannabis industry:
There are nearly 15,000 cannabis dispensaries in the United States, primarily located on the West Coast and Northeast, but also in interior states such as Michigan, Oklahoma, and Colorado.
Online cannabis sales grew by 80% in 2023, driven by convenience and the expansion of delivery services.
The average monthly spend on cannabis products per consumer was $150 in 2023, with edibles and concentrates seeing the highest.
The U.S. Cannabis market size was valued at $33.60 billion in 2023.
Sales of CBD-infused products saw a 70% increase in 2023, reflecting growing consumer interest in health and wellness cannabis products.
The U.S. Cannabis Industry marks its fifth consecutive year of annual growth greater than 27% in 2022.
A 2023 survey found that 55% of cannabis consumers prefer purchasing in store for personalized advice and product variety.
As of August 2024, the average hourly wage for a cannabis industry worker in the U.S. is $125,894 a year or $60.53 per hour.
The Cannabis Industry in the U.S. supports 440,445 full time equivalent jobs as of early 2024. This number represents a 5.4% year over year increase, adding 22,952 new cannabis industry jobs over the past 12 months.
Online cannabis sales grew by 80% in 2023, driven by convenience and the expansion of delivery services.
Opportunities In The Cannabis Industry
America saw a swift change in people’s perception regarding cannabis a few years back. While federal legalization of cannabis is still pending, more than half of all U.S. States allow some form of cannabis usage.
Following the legalization and the market’s growing CAGR (Compound Annual Growth Rate), more startups are being established ultimately creating more job opportunities.
Here are some things you need to know about the opportunities within the cannabis industry:
There are nearly 15,000 cannabis dispensaries in the United States, primarily located on the West Coast and Northeast, but also in interior states such as Michigan, Oklahoma, and Colorado.
Online cannabis sales grew by 80% in 2023, driven by convenience and the expansion of delivery services.
The average monthly spend on cannabis products per consumer was $150 in 2023, with edibles and concentrates seeing the highest.
88% of Americans
An overwhelming majority of U.S. adults (88%) say that marijuana should either be legal for medical use only (32%) or that it should be legal for medical and recreational use (57%).
25% of all dispensaries
California has more dispensaries than any other state. As of February 2024, the state has 3,659 dispensaries, more than double the amount in the second highest ranking state.
24 out of 50 States
24 out of 50 States allow legal recreational usage of cannabis.
37 states
As of May 2024, 37 states and the District of Columbia have legalized medical cannabis, which is more than half of the total 50 U.S. states.
74% of Americans
74% of Americans live in a state where marijuana is legal for either recreational or medical use.
11% of Americans
Only 11% of Americans are against the legalization of cannabis.
88% of Americans
An overwhelming majority of U.S. adults (88%) say that marijuana should either be legal for medical use only (32%) or that it should be legal for medical and recreational use (57%).
25% of all dispensaries
California has more dispensaries than any other state. As of February 2024, the state has 3,659 dispensaries, more than double the amount in the second highest ranking state.
24 out of 50 States
24 out of 50 States allow legal recreational usage of cannabis.
Trends in Cannabis Consumption
Consumer preferences and habits are pivotal in shaping the cannabis market’s future. Latest trends reveal shifts in consumption patterns, popular products, and demographic changes expected to define 2024.
35 million Americans
Today, 55 million Americans use marijuana, and 72% believe that it is healthier than consuming alcohol regularly. The results of a Yahoo News/Marist national survey revealed that approximately 35 million Americans use marijuana monthly
25% increase
The number of registered medical cannabis patients in the U.S. surpassed 5 million in 2023, a 25% increase from the previous year.
Medical cannabis for PTSD
In 2023, 20 states in the U.S. implemented programs to facilitate veterans’ access to medical cannabis for PTSD and chronic pain treatment
15% decrease
Studies in 2023 indicated a 15% decrease in opioid prescriptions in states with legal cannabis, suggesting its role in pain management.
Relaxation Benefits
A 2021 study shows that cannabis can offer a feeling of relaxation, followed by euphoria and creativity, which is another reason why people like it.
80% of cannabis users
80% of cannabis users mix weed and working out, with 70% saying it increases enjoyment, 78% saying it boosts recovery, and 52% saying it motivates them.
Gen Z and Millenial Sales
Together, Gen Z and Millennials make up 62.8% of all U.S. cannabis sales and 70.8% of all Vapor Pen sales.
37% of Consumers
More than one third of American women aged 21+ consume cannabis. The top three reasons women use cannabis are to relieve anxiety (60%), help them sleep (58%), and relieve pain (53%).
53% of first timers
53% of cannabis users (18+) reported trying marijuana first time aged between 12 17.
43% of young adults
43% of young adults (19 30yrs) used marijuana in 2021, compared to 34% in 2016.
Benefits for PTSD
Cannabis effectively reduces anxiety and depression symptoms in people with post traumatic stress disorder.
Trends in Cannabis Consumption
Consumer preferences and habits are pivotal in shaping the cannabis market’s future. Latest trends reveal shifts in consumption patterns, popular products, and demographic changes expected to define 2024.
35 million Americans
Today, 55 million Americans use marijuana, and 72% believe that it is healthier than consuming alcohol regularly. The results of a Yahoo News/Marist national survey revealed that approximately 35 million Americans use marijuana monthly
25% increase
The number of registered medical cannabis patients in the U.S. surpassed 5 million in 2023, a 25% increase from the previous year.
Medical cannabis for PTSD
In 2023, 20 states in the U.S. implemented programs to facilitate veterans’ access to medical cannabis for PTSD and chronic pain treatment
Health Risks of Cannabis Use
While cannabis offers potential benefits, it's also essential to consider the associated health risks. The latest findings shed light on health related concerns, enabling informed decision making in the evolving landscape of cannabis use.386 deaths
A 2022 study shows that 386 people died in Florida owing to the use of synthetic cannabinoids. Among those who died, 87.8% were males, and 28% were aged between 45 50 years. Road accidents under the influence of cannabis remained to be the leading cause of death for these deceased.
Psychosocial activities may suffer
Cannabis use in adolescence is consistently associated with impairments in multiple domains of psychosocial functioning, including interpersonal relationships, academics, and socioeconomic attainment.
Pregnancy risks
Using cannabis during pregnancy may affect fetal brain development and increase the risk of premature birth and potentially stillbirth.
Attempts of suicide
A 2022 study showed that cannabis use may influence thoughts, plans, and attempts of suicide among young adults.
Risks of developing mental disorders
Approximately 1 in 4 patients with schizophrenia are also diagnosed with cannabis use disorder (CUD). Cannabis use is also associated with 2 4 times the likelihood of developing psychosis in healthy individuals.
Health Risks of Cannabis Use
While cannabis offers potential benefits, it's also essential to consider the associated health risks. The latest findings shed light on health related concerns, enabling informed decision making in the evolving landscape of cannabis use.386 deaths
A 2022 study shows that 386 people died in Florida owing to the use of synthetic cannabinoids. Among those who died, 87.8% were males, and 28% were aged between 45 50 years. Road accidents under the influence of cannabis remained to be the leading cause of death for these deceased.
Psychosocial activities may suffer
Cannabis use in adolescence is consistently associated with impairments in multiple domains of psychosocial functioning, including interpersonal relationships, academics, and socioeconomic attainment.
Empower Your Cannabis Journey with AlphaRoot
The U.S. cannabis industry is rapidly evolving, driven by expanding legalization, entrepreneurial innovation, and shifting consumer behaviors. Understanding the latest statistics and trends is essential for navigating this dynamic market, whether you’re an investor, entrepreneur, or industry stakeholder. As cannabis continues to gain acceptance and reshape the economic landscape, staying informed will be key to seizing opportunities and mitigating risks in 2024 and beyond.
AlphaRoot is here to help you navigate the unique risks of the cannabis industry with tailored risk management solutions that go beyond traditional insurance. Ready to protect your business and stay ahead of industry challenges? Get a quote today and see how AlphaRoot can support your journey with comprehensive coverage and expert guidance.
Get A Quote NowEmpower Your Cannabis Journey with AlphaRoot
The U.S. cannabis industry is rapidly evolving, driven by expanding legalization, entrepreneurial innovation, and shifting consumer behaviors. Understanding the latest statistics and trends is essential for navigating this dynamic market, whether you’re an investor, entrepreneur, or industry stakeholder. As cannabis continues to gain acceptance and reshape the economic landscape, staying informed will be key to seizing opportunities and mitigating risks in 2024 and beyond.
AlphaRoot is here to help you navigate the unique risks of the cannabis industry with tailored risk management solutions that go beyond traditional insurance. Ready to protect your business and stay ahead of industry challenges? Get a quote today and see how AlphaRoot can support your journey with comprehensive coverage and expert guidance.
Get A Quote Now