This is something that from being a banned substance, today it becomes a billion-dollar industry. Surely it has gone a long way. The legalization of marijuana for recreational and medical uses has boosted the industry and currently booming all around the world. After having research and collecting some data we have found some facts that will explain the cannabis industry statistics.
This new industry gives us countless opportunities for employment so do the investment. Definitely it impacts the economy. So here are some data for you.
Let’s see where the industry is heading.
Cannabis Industry Growth Statistics
After getting legalization, the cannabis industry has been booming up both for recreational and medical uses. The surge rate is higher compared to other industries. Slowly states and countries are accepting cannabis products in their markets. By these cannabis industry growth statistics, you would understand how it has grown bigger throughout the years as well as the potentiality of the sector.
- The projected growth of the legal cannabis market in Australia from 2018 to 2027 is estimated to be $52 million to $1.2 billion
- The cannabis industry in the US is expected to reach $80 billion.
- The estimated growth of the worldwide cannabis market in 2017 was 37%
- The expected annual growth rate of the cannabis market from 2019 to 2021 is 21%. So in these three years, this industry will be making an annual revenue of around $23 billion.
- California’s cannabis market itself reach $5 billion by 2019.
Cannabis Market Size Statistics
The cannabis industry market size gets more transparent by the increasing popularity of cannabis products. An increasing number of companies are studying the market potential of cannabis products. Let’s see the statistics that how far the cannabis market has reached.
- The expected global market value of legal marijuana is $146.4 billion by the end of 2025.
- The expected Cannabidiol (CBD) market value is $22 billion by 2022.
- The estimated economic impact on the US of legal marijuana in 2017 was $20 to $23 billion.
- The investment of North American companies in legal marijuana was $10 billion in 2017.
- The expected global spending on legal cannabis can be $57 billion by 2027.
- The US has accounted for 90% of the global marijuana market.
- The expected annual revenue from the CBD category is $1 billion.
Cannabis Legalization Support Statistics
Still, cannabis is illegal at the federal level, though many states in the US legalized marijuana for medical and recreational use and some states are going to be. It’s a very important issue as implementing proper regulation depends on the legalization of marijuana. Here are a few sets of statistics related to the legalization of weed.
- 67% of Americans support that marijuana should be legal.
- There are 55 million US citizens who are cannabis users.
- A total of $52.5 billion people demanded cannabis in the US in 2017.
- There are 33 states in the U.S that have legalized medical marijuana and 10 states for recreational uses.
- 51% of Republicans want cannabis to be legal.
According to the statistics presented above, the industry has been gaining momentum. Especially in the last few years, it is booming up.
But one thing needs to keep in mind that this substance is still illegal on a federal level. So if you want to enter this industry, enter with caution.
This industry has to go a long way. If it becomes legal everywhere then it will rise beyond your thinking.