5 Cannabis Statistics That Will Blow Your Mind
5 Cannabis Statistics That Will Blow Your Mind
The cannabis industry has been growing at an incredible rate over the past few years, and that growth shows no signs of slowing down anytime soon. Here are six interesting statistics that showcase how fast this industry is growing, and what you can expect to see in the future of cannabis data.
1) Cannabis is now legal throughout most states
As of 2019, it’s legal to purchase recreational cannabis in 10 states. There are also 30 states with medical marijuana laws on their books. With more than 80 million potential customers throughout these jurisdictions, there has never been a better time to start a cannabis business. And if you’re starting out with an existing business, now is also a good time to start thinking about expanding your operations into one of these legal markets.
2) There are now more than 4 billion cannabis users around the world
4.9 billion to be exact. This staggering statistic is a reflection of just how quickly cannabis is being legalized around the world, and how rapidly it is gaining popularity in places where it was previously only a rumor. In fact, there’s a good chance that if you haven’t yet tried weed yourself, you know someone who has—and they may have even tried it more than once!
3) Women prefer cannabis to alcohol by 58%
A statistic published by Global Web Index in 2016 found that women are more likely to be recreational users of cannabis than men. According to their findings, 58% of female respondents said they prefer cannabis over alcohol, while only 42% said they preferred alcohol. As you can see from these numbers, not only are women coming around to cannabis, but they’re also choosing it over alcohol—which is a huge plus for people who want to make money in legal weed.
4) 29.3 million people will try cannabis this year
According to new survey results from BDS Analytics and Leafly, 29.3 million people will try cannabis in 2018, representing 22% of Americans ages 18 and up—an increase from 21% in 2017. This figure is on track to climb further by 2021 when it’s projected that nearly one-quarter (24%) of Americans will have tried cannabis at least once. This number is likely underestimated given that 12 states plus Washington D.C. have legalized adult use marijuana with more coming soon! With legalization slated for Michigan, Missouri, and Oklahoma next year alongside recently enacted legislation for Vermont adults over age 21, the cannabis industry has never been hotter or more lucrative.
5) $50 billion has been invested into cannabis companies over just 3 years
The legal cannabis industry in North America is expected to reach $50 billion in size by 2021. Over $5 billion of that has been invested in just three years! Clearly, it’s a hot topic and one that isn’t going away anytime soon. So, what will these investments yield?
According to ArcView Market Research, between 2016 and 2021, North American sales where expected to grow at a compound annual growth rate of 24%, reaching an estimated $20.8 billion in 2021. To put that into perspective, alcohol sales only grew by 4% over that same period.
