Cannabis Stats 2024
May 19 2023
According to our cannabis stats, the Cannabis industry and cannabis legalization in the U.S. present an incredibly lucrative opportunity for investors today, heralding a new era of prosperity in this rapidly expanding market. With the legalization trend gaining momentum across various states, the industry now offers a ground for a plethora of unique ideas ranging from edibles, gourmet food, refreshing drinks, essential oils, to innovative cannabis creations.
This burgeoning market, ripe with potential, is attracting entrepreneurs and investors alike, eager to carve out their niche in the vast landscape of opportunities that cannabis legalization has unlocked. However, diving into this gold mine without adequate preparation could lead to pitfalls. Therefore, we’re here to equip you with the latest 2024 cannabis stats, providing a comprehensive overview of the most critical U.S. Cannabis Industry Statistics for 2024.
This guide is meticulously curated to offer insights into the current market trends, growth projections, and investment opportunities, making it an indispensable resource for anyone looking to make informed decisions in this dynamic sector. Whether you’re a seasoned investor or a newcomer intrigued by the possibilities within the cannabis market, staying informed with the most up-to-date cannabis stats 2024 is crucial.
Opportunities in the cannabis industry
America saw a swift change in people’s perception regarding cannabis a few years back. Federal legalization of cannabis is still pending, but more than half of all U.S. States allow some form of cannabis usage.
Following the legalization and the market’s growing (Compound Annual Growth Rate) CAGR, more startups are being established, ultimately creating more job opportunities.
Here are 18 stats you should know about opportunities in the Cannabis Industry.
sales grew by 80%
Online cannabis sales grew by 80% in 2023, driven by convenience and the expansion of delivery services.
per consumer was $150
The average monthly spend on cannabis products per consumer was $150 in 2023, with edibles and concentrates seeing the highest spend.
exceed $75 billion
Global cannabis market size is expected to exceed $75 billion by 2025, with Germany leading the European market in medical cannabis sales.
55% of cannabis consumers
A 2023 survey found that 55% of cannabis consumers prefer purchasing in-store for personalized advice and product variety.
Over 1,000
Over 1,000 new cannabis dispensaries opened in the U.S. in 2023, bringing the total to more than 7,500 nationwide.
27%
The cannabis industry’s job growth rate of 27% in 2023 outpaced the technology sector’s 5%, underscoring its significant economic impact.
Sales of CBD-infused products saw a 70% increase in 2023, reflecting growing consumer interest in health and wellness cannabis products.
The US Cannabis Industry marks its fifth consecutive year of annual growth greater than 27% in 2022.
In a 2022 survey, 90% of cannabis industry workers reported that they felt satisfied with their jobs.
The cannabis industry has a higher rate of minority-owned businesses than other US industries as of 2022. Fortune
less than 2%
However, the minority-owned business still makes up less than 2% of the national marijuana business.
More people were employed
As of 2022, more people were employed in the cannabis industry than as barbers, hair stylists, and cosmetologists altogether.
As of April 2023, the average hourly wage for a cannabis industry worker in the US is $25.03.
23% of executive positions
Although women held 23% of executive positions in the cannabis industry in 2022, efforts in 2023 aimed to increase this to 30% by 2025.
11% of women
In a 2022 survey, 11% of women reported that the Cannabis industry is equitable for both men and women. Women In Cannabis
31% of women
31% of women faced harassment in the Cannabis industry, as compared to 51% of women in other industries.
108,000 jobs
The Cannabis Industry in the US is projected to create 108,000 jobs in NY, 36,000 in NJ, and FL, and 29,000 in IL.
However, disapproval among 12th graders remains somewhat high – 64.7% reported they disapprove of adults smoking marijuana regularly.
Cannabis Legalization Across US States
Most U.S. States have legalized the use of cannabis for medical, recreational, and adult use, or all of them combined.
Here are eight stats regarding cannabis legalization across the U.S.
68% of Americans
Support for cannabis legalization reached an all-time high in 2023, with 68% of Americans in favor, reflecting growing societal acceptance.
8% of Americans
Only 8% of Americans are against the legalization of cannabis.
8% of Americans
Only 8% of Americans are against the legalization of cannabis.
21 out of 50 States
21 out of 50 States allow legal recreational usage of cannabis. Marijuana Business Daily
96% of Americans
96% of Americans will live in a legalized cannabis state if the remaining 18 states approve cannabis. New Frontier Data-2022
37 states
As of April 2023, 37 states and the District of Columbia have legalized medical cannabis. Marijuana Business Daily
Medical use of cannabis
California was the first state to legalize the medical use of cannabis in 1996. Marijuana Business Daily
Legalize recreational marijuana
Colorado and Washington were the first two states to legalize recreational marijuana in 2012. CNN
Cannabis Startups
The cannabis industry is dynamic, with countless rewarding opportunities for entrepreneurs and innovators.
Regardless of the kind of business, you’re targeting – cultivation, dispensary, distribution, or others – here are some essential cannabis startup-related stats.
Reach $33.6 billion
The cannabis market in the US, for medical and recreational usage altogether, is expected to reach $33.6 billion by the end of 2023.
$13.2 billion
The U.S. Cannabis market size was valued at $13.2 billion in 2022.
40% of cannabis businesses
Despite its growth, 40% of cannabis businesses reported significant challenges in 2023 related to banking access, affecting their operational efficiency.
300 publicly traded
As of March 2023, there are over 300 publicly traded cannabis companies in the US. New Cannabis Ventures
Secure and Fair Enforcement
The Secure and Fair Enforcement (SAFE) Banking Act is being discussed in the House and Senate. This bill will enable cannabis businesses to access banking services, which could help cannabis startups access capital more easily. CNBC
$100 million investment
In March 2023, the state of New York announced a $100 million investment in the local cannabis industry to provide funding and support for startups. NY Governor
Cannabis Cultivation
Cannabis cultivation acts at the forefront of the rapidly growing industry. Cultivators play a huge role in producing a wide range of cannabis products.
Here are the crucial insights about U.S. cannabis cultivation in 2023.
$21.7 billion
The legal cannabis cultivation market in the US is projected to reach $21.7 billion by 2025.
Cultivation Licenses
In 2022, California had the most cultivation licenses, 6881, compared to 1406 in Oregon.
Complex Regulations
In 2021, the US Department of Agriculture announced new guidelines for hemp cultivation, which could help farmers navigate the complex regulations surrounding cannabis cultivation.
54% of cultivators
In 2021, 54% of cultivators produced cannabis through indoor farming.
A 2021 survey found that only 18% of cultivators have huge growing facilities of 80,000 sq. ft. or more. Statista
39% of the cultivators have a small growing facility. Statista
In 2023, cannabis cultivation was responsible for 0.5% of the U.S.’s total energy consumption, with indoor cultivation being the most energy-intensive.
In 2022, Oregon was the largest producer of outdoor cannabis. Statista
80% of the Cannabis
Nationally, 80% of the Cannabis produced comes from indoor/controlled-environment facilities. News Center Maine
50% of cannabis cultivators
In 2023, 50% of cannabis cultivators adopted sustainable farming practices, including water recycling and organic cultivation, to reduce environmental impact.
Cannabis Businesses and the US Economy
The cannabis industry has been making waves in the US economy, with legal sales exceeding expectations and its unprecedented potential to create millions of jobs.
As more Americans favor legalization, the cannabis industry is poised to continue its upward trajectory.
$400 million
In 2023, Colorado’s cannabis industry contributed over $400 million in state tax revenue, funding educational, public health, and law enforcement initiatives.
$57 billion
According to a 2022 report, US legal sales will exceed $57 billion by 2030, with a CAGR of 14%.
$72 billion
The figure is expected to touch around $72 billion if more states legalize the use of cannabis.
1.5 million jobs
The cannabis industry is estimated to create over 1.5 million jobs in the US by 2025. New Frontier Data
Contributed over $50 million
Cannabis businesses contributed over $50 million to community development projects in the U.S. in 2023, aiming to improve social equity.
$11 billion
According to estimates, the cannabis market size for medical purposes will reach $11 billion by 2025, half of which will be generated from flower products. Statista
Cannabis Consumption Habits
The perceptions surrounding cannabis consumption have been changing, consequently influencing the trends in consumers’ socio-demographic characteristics.
Let’s check these fascinating statistics.
60%
In 2023, 60% of cannabis consumers in the U.S. were aged between 21 and 40, indicating a strong market preference among younger adults.
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.
7% of people
According to a survey, 7% of people who used cannabis for medical purposes used it for anxiety (45%), chronic pain (42%), and depression(39%).
37% of consumers
37% of consumers use cannabis alongside their workout routines. Eaze
Cannabis effectively reduces anxiety and depression symptoms in people with post-traumatic stress disorder. National Institute of Health
Reducing symptoms of nause
In a 2022 study, cannabis was found to be effective in reducing symptoms of nausea and vomiting in chemotherapy patients.
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. National Institute of Health
22% of older women
Younger women, 57%, are more likely to use cannabis than 22% of older women (aged 45+). Forbes
11% of young adults
11% of young adults (19-30yrs) used marijuana in 2021, compared to 8% in 2016. National Institute of Health
49.6 Million Americans
49.6 Million Americans(12 yrs or more) used cannabis in 2020. A smaller percentage of 8th and 10th graders think that regular marijuana use is harmful, and fewer 10th and 12th graders disapprove of regular marijuana use.
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 on a monthly basis.
53% of cannabis users (18+) reported trying marijuana first-time aged between 12-17. National Center for Drug Abuse Statistics