If you’re still on the fence about getting into the cannabis industry in some way, now is a great time. The cannabis industry is continually rapidly expanding, and this year, cannabis sales are projected to reach an all-time high. It’s an exciting time to capitalize and grow off of such an interesting (and useful) commodity.
Whether you’re looking to research the health of the cannabis industry as another marketer, to get started with your own cannabis business, or if you’re just interested in learning a few interesting facts, here are 25 facts about the cannabis industry.
- About 40% of the weed sold in the state of Colorado is sold off the books, meaning our black market is still alive and well.
- Currently, in 2018, only 10 states have recreational cannabis.
- Revenue for the legal cannabis industry was $10 billion in 2017.
- The cannabis industry already employs 100,000 to 150,000 workers and nearly 90,000 are in plant-touching companies.
- In Canada, there are over 130,000 registered marijuana users.
- The Cannabis Industry employed over 121,000 people in 2017.
- While about half the country has some form of legal marijuana, from medical use only to completely available to all adults, it’s still completely illegal in 27 states.
- 60% of Americans support marijuana legalization.
- The CBD Industry is expected to grow $1.1 billion by 2020 and almost $2 billion by 2022.
- By 2021, the projected revenue of legal marijuana sales will exceed $20 billion
- In 2017, the cannabis industry paid a total of $1.4 billion dollars in taxes.
- 23 states allow marijuana and cannabis for medical purposes
- About 700,000 people are arrested annually on marijuana-related charges.
- There are more than 25,000 product applications for industrial hemp — and countless more.
- The first e-commerce transaction was a marijuana sale.
- While marijuana is legal in some form in 23 states, it’s California that sells the lion’s share of marijuana – 49 percent of all sales in 2014.
- Back in 2010, law enforcement officials estimated that the US black market in marijuana was worth $41 Billion.
- According to industry research, a full 36 percent of marijuana company CEOs are women – compared to just 22 percent in the rest of the business world.
- A report from the Cato Institute points out just how expensive the War on Drugs is – and how much could be generated just from legalizing marijuana. $8.7 billion would be saved by not prosecuting marijuana offenders, not to mention the over $10 billion that would be generated in tax revenue at the federal level.
- According to a report by the International Narcotics Control Board, over 1,000 tonnes of marijuana is seized by United States security agents along the US / Mexico border each year.
- In 2016, Americans spend $53 million in legal and illegal cannabis.
- By 2023, medical and recreational cannabis will be higher than $20 billion before hitting $24 billion in 2025.
- In 2017, legal Marijuana sales were over $9 billion.
- In 2016, Colorado sold $1.3 billion dollars of cannabis and marijuana products.
- There are more dispensaries in the state of Colorado than the number of Mcdonald’s and Starbucks combined.
Medical Marijuana Sales (by state) 2018
Recreational Cannabis Sales (by state) 2018
With numbers like these, it’s plain to see that there is a TON of money to be made in the cannabis industry, and it’s only getting better. So if you’re an aspiring cannabis entrepreneur, there’s no better time than the present. Get started today!