Will the Cannabis Industry Continue to Grow?

Did you know that the cannabis industry is expected to reach over $51 billion in revenue by the end of 2023? This includes recreational, medicinal, and therapeutic cannabis use. In the past few years especially, this industry has grown astronomically and is expected, based on studies and reports, to continue expanding. 

More states in the U.S. have legalized marijuana  

Over the past decade, more and more states in the United States have legalized the use, possession, and sale of cannabis. Due to its common use, popularity, and studies done over time, marijuana has become greatly more accepted across the country. While some states still have not legalized cannabis, 23 states, almost half of the U.S., have legalized marijuana.

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What states have recreational marijuana

some states where recreational marijuana is legal include:

1. Alaska
2. California
3. Colorado
4. Illinois
5. Maine
6. Massachusetts
7. Michigan
8. Nevada
9. Oregon
10. Vermont
11. Washington

Additionally, the District of Columbia (Washington, D.C.) has also legalized recreational marijuana. It's advisable to check for the most current and accurate information as state laws can be amended or updated over time.

Industries across the market are using cannabis products 

Due to the rise in acceptance and legality of cannabis, many other successful industries have now become involved with cannabis products. The following industries have embraced the use of cannabis: 

-Cosmetics: some makeup and cream products contain CBD in them to help reduce stress and potential inflammation of the skin.

-Food and Drink: If people like to bake or cook, consider using cannabis or CBD oils in their food is becoming more common by infusing cannabis into items such as butter, oil, or beverages. 

-Well-Being and Health: Studies suggest that cannabis (in a variety of uses) and cannabis oil can help promote healthier well-being and reduce stress and anxiety.

As cannabis becomes more well-received by other multi-million or billion-dollar industries, the growth of the cannabis market will only continue to increase. 

Dispensaries are popping up in many locations 

The United States now has thousands of dispensary locations which generate a large amount of revenue per year, with Oklahoma leading with the greatest number of dispensaries. What types of products do dispensaries usually sell? 

-Cannabis-infused beverages 

-Different flavor edibles 

-Pre-roll joints for smoking 

-Flowers and seeds 

-Vape pens and products

-CBD oils 

A 2020 report showed that the average amount a customer spends in a dispensary is between $20-$50. It is estimated that dispensary sales greatly contribute to the overall revenue of the cannabis industry. 

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FAQs,

1. What is the outlook for the cannabis business in 2023?

   The outlook for the cannabis business in 2023 appears optimistic, driven by ongoing legalization trends, product diversification, and increasing acceptance. Continued market cannabis growth is anticipated, creating opportunities for businesses within the growing industry.

2. What is the future of the cannabis market?

   The future of the cannabis market holds promising trends, including ongoing legalization, product diversification beyond traditional flower forms, increased focus on health and wellness applications, international expansion, technological advancements in cannabis cultivation and extraction, Production Management and evolving public perceptions through cannabis education online and cannabis jobs. The industry's dynamic nature suggests continued growth and innovation, making it essential to stay informed about regulatory changes and emerging trends.

3. What will the cannabis industry be worth in 2025?

   Projections for the worth of the cannabis industry in 2025 are positive, with growth expected due to expanding legalization, international markets, and the introduction of innovative products. The industry's value is likely to reflect its dynamic and evolving nature.

4. Will the cannabis industry recover?

   The cannabis industry has demonstrated resilience, and signs point towards recovery after challenges. Ongoing legalization efforts, market adaptations, and consumer demand contribute to the industry's ability to bounce back from setbacks.

5. Is it smart to invest in the cannabis industry?

   Investing in the cannabis industry can be a strategic move, considering the potential for growth, expanding markets, and evolving consumer preferences. However, like any investment, careful consideration of risks, regulations, and market dynamics is crucial.

6. Is the cannabis industry worth getting into?

   Entering the cannabis industry holds potential for those seeking dynamic opportunities. With evolving regulations, increasing public acceptance, and diverse product developments, the industry is worth exploring. As with any venture, thorough research and understanding of the market are essential.

References

(2023). Legal Marijuana Market Size, Share & Trends Analysis Report by Product Type (Flower, Oil, And Tinctures), By Application (Medical, Adult Use), By Region (North America, Europe, APAC, LATAM, Africa), And Segment Forecasts, 2023 - 2030. Grand View Research. Retrieved October 11, 2023, from https://www.grandviewresearch.com/industry-analysis/legal-marijuana-market#:~:text=The%20global%20legal%20marijuana%20market,the%20growth%20of%20the%20market.

(2023, July). Cannabis - Worldwide. Statista. Retrieved October 11, 2023, from https://www.statista.com/outlook/hmo/cannabis/worldwide#:~:text=Revenue%20in%20the%20Cannabis%20market,US%2433%2C880.00m%20in%202023).

Yu, B., Chen, X., Chen, X., & Yan, H. (2020, February 4). Marijuana legalization and historical trends in marijuana use among US residents aged 12–25: Results from the 1979–2016 National Survey on drug use and health. BMC Public Health. Retrieved October 11, 2023, from https://bmcpublichealth.biomedcentral.com/articles/10.1186/s12889-020-8253-4

Hansen, C., Alas , H., & Davis Jr. , E. (2023, September 27). Where Is Marijuana Legal? A Guide to Marijuana Legalization. U.S. News. Retrieved October 11, 2023, from https://www.usnews.com/news/best-states/articles/where-is-marijuana-legal-a-guide-to-marijuana-legalization

Mikulic, M. (2023, September 12). Number of cannabis dispensary licenses in the U.S. As of 2021, by state. Statista. Retrieved October 11, 2023, from https://www.statista.com/statistics/754751/medical-marijuana-dispensaries-number-by-state/

(2023). TOP PRODUCTS SOLD IN DISPENSARIES. Oasis. Retrieved October 11, 2023, from https://www.oasiscannabisaz.com/top-products-sold-dispensaries/

Conway, J. (2023, November 22). Average spends on cannabis per purchase in the United States in 2020. Statista. Retrieved October 11, 2023, from https://www.statista.com/statistics/1281579/us-average-cannabis-spend-per-purchase/