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Cannabis Industry Success Expected for 2024
Angela LydonDec 13, 2023 12:15:00 PM3 min read

Cannabis Industry Success Expected for 2024

As of November 2023, the United States now has 24 states that have legalized cannabis, making it just under half the country. As we head towards 2024, recent studies have projected the cannabis industry to reach over $33 billion by the end of the year. The cannabis industry is anticipated to expand by almost 15% by the year 2028, with a revenue estimation of over $67 billion. Based on recent data reports and projections, it’s clear that this successful industry is already worth a huge amount and will continue to be successful. Here are some of the top reasons why this industry is doing so well. 

The opening of dispensaries in legalized states 

Between recreational and medicinal dispensaries, there are now thousands open across the country as more states decriminalize marijuana. This increases the legal sales of a variety of products for smoking, eating, drinking, and more. Dispensaries now sell a wide range of products, including pre-rolled joints, edibles, smoking products, oils, and beverages containing THC. 

More social acceptance surrounding marijuana use

For years and even still today, marijuana has been disliked by many people aside from the millions who enjoy it. The CDC reports marijuana to be one of the most used drugs in America. Recent reports show that over 42 million Americans, or roughly 18% of the country, use marijuana in some way. There is still a stigma surrounding marijuana as it used to be less accepted than it is today. While negative health impacts can occur in users, many adults use cannabis recreationally and medicinally. The effects of marijuana have depended on the individual and what works for them. Particularly with the older generations, marijuana is often seen as a gateway drug, especially when used by youth. It is said to lead to other harmful drugs and potential alcohol use. 

Medicinal purposes increasing in the healthcare industry 

Regardless of social acceptance, cannabis has made great strides in the healthcare industry in recent years. Although everyone is different and their mind or body may react in a certain way, studies have shown positive effects of marijuana use against certain health conditions. This can come from smoking marijuana leaves, infusing it into tea, or using oils infused with cannabis. Oils and lotions can contain anti-inflammatory properties to reduce redness on the skin as well as promote hydration. Other individuals with physical issues such as torn muscles, say that cannabis can relieve the pain associated with it. Those with mental health issues have also said marijuana can reduce stress and promote better sleep. 

Whichever method someone would like to try with cannabis, it is always best to discuss it with your healthcare provider. 

There are many reasons supporting the success of the cannabis industry and we will likely see that continued revenue as well as more states possibly legalizing cannabis. 

For more details on the cannabis industry and how to get involved, click here: https://onlinecannabislearning.com/

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References 

(2023, November 7). More US states are regulating marijuana. See where it’s legal across the country. CNN. Retrieved November 13, 2023, from https://www.cnn.com/us/us-states-where-marijuana-is-legal-dg/index.html

(2023, July). Cannabis - United States. Statista. Retrieved November 13, 2023, from https://www.statista.com/outlook/hmo/cannabis/united-states#:~:text=Revenue%20in%20the%20Cannabis%20market,US%2467.15bn%20by%202028.

(2023, September 12). Number of cannabis dispensary licenses in the U.S. As of 2021, by state. Statista. Retrieved November 13, 2023, from https://www.statista.com/statistics/754751/medical-marijuana-dispensaries-number-by-state/

CDC (2021, June 8). Data and Statistics. Centers for Disease Control Prevention. Retrieved November 13, 2023, from https://www.cdc.gov/marijuana/data-statistics.htm

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