The cannabis industry will be one of the most intriguing to watch over the coming decade. As more and more states move towards decriminalization and legalization, analysts expect the demand for cannabis products to explode.
But you don’t just have to take the analysts’ word for it. Here are 10 stats that prove the cannabis market is primed for rocket-like growth in the coming years.
10 Stats That Show the Cannabis Market Boom:
1. The expected global market value of legal marijuana is projected to reach $146.4 billion by 2025
This massive number tells you all that you need to know about the growth potential of the cannabis industry. But to provide a bit more context, the global legal marijuana market was valued at just $17.5 billion in 2019.
2. 20% of people aged 18-29 use CBD
This is an important sign of what’s to come. The younger generation is consuming CBD products at a very high rate. As more of them grow up and enter the market, we should see the total number of CBD users expand significantly.
3. North American companies have invested more than $10 billion in legal marijuana
Analysts aren’t the only ones who believe in the expansion of the cannabis market. This stat shows that North American companies are also investing heavily in the industry. That’s another sign that this industry is ready for significant growth.
4. Annual CBD revenue will eclipse $1 billion soon
CBD is one of the most popular cannabis products. This stat shows just how popular it truly is. Analysts anticipate that the annual revenue for CBD products will move pasts the $1 billion mark. That’s a big milestone and one that should occur very soon.
5. The projected sales of legal marijuana should eclipse $22 billion by 2022
This is another jaw-dropping statistic that places a dollar value on the growth of the cannabis market. $22 billion in annual sales points to significant demand for legal marijuana products in the marketplace. It’s a number that should only continue growing as the legalization process in the United States gathers steam.
6. Marijuana dispensaries in California and New York were deemed essential businesses during Covid-19
This is a very telling piece of information that highlights how important marijuana dispensaries have already become. They were one of the few types of businesses that were allowed to remain open during the height of the Covid-19 pandemic. That confirms that legal marijuana has already become a very important institution in this country.
7. The Cannabis Control Commission (CCC) received more than 1,300 new patient registrations during the week of March 23 – April 1, 2020
This is the week that the Covid-19 pandemic really took off and people were beginning to stay home instead of going into the office to work. The fact that there were this many new requests for medical marijuana licenses is very telling. It shows that more and more people are interested in purchasing marijuana legally — especially when they anticipate having some extra free time.
8. The cannabis industry should generate 250,000 full-time jobs between 2020 and 2024
The cannabis industry isn’t just going to make businesses and entrepreneurs a lot of money. It’s also going to employ literally hundreds of thousands of people. This stat makes that fact more concrete.
9. The average cannabis dispensary generates $3 million in revenue each year
This just shows how much business the average cannabis dispensary is already doing. Some dispensaries are processing even more revenue than this. As the market grows, this number should as well, though it’s already surprisingly high.
10. The demand for jobs in the cannabis industry has recently been as high as 76%
This stat demonstrates how much interest there is in the cannabis industry on the employee side. People across the United States have a significant interest in being a part of the cannabis industry’s boom. So we shouldn’t expect to see any labor shortages limiting the sector’s growth anytime soon.
Onsharp Can Help You Take Advantage of the Cannabis Market Boom
Cannabis is already big business. But stats like the ones shown above demonstrate that it’s an industry that’s going to grow much more over the coming years. If you’re running a company that operates in this sector, then now is the time to begin carving out a niche for yourself. One of the best ways to do this is by optimizing your cannabis website. By making it easier for customers to find what they want, you can improve the rate at which you convert site visitors into paying customers. Onsharp can help you achieve that. We have a deep breadth of experience in improving websites for a wide variety of industries. So we know what it takes to make a cannabis website stand out.
If you’d like to learn more about what Onsharp can do to improve your cannabis-related web offerings, reach out to us today. We’re happy to answer your questions and make personalized recommendations for your brand.