Cannabis Market Growth: How Cannabis Industry Statistics Show There’s Never Been a Better Time to Open a Dispensary
On July 28, 2022 — By Dispensemore.com
Thinking about opening up a cannabis dispensary or looking to expand your business? Statistics regarding the US cannabis market growth illustrate there’s never been a better time to be in the dispensary business.
As more Americans are in favor of legalizing medical marijuana and recreational adult use of marijuana, legislators are following their lead in many states across the country. According to an April 2021 survey by the Pew Research Center, 91% of adults in the US are in favor of marijuana legalization, with 60% supporting medical and adult use, and 31% supporting just medical. Nearly three-fourths of Americans live in a state where either medical or recreational use has been legalized.
This article will take a deep dive into the growth of the cannabis market, exploring current cannabis industry statistics and more. We’ll then take a look at how DispenseMore.com’s mission is to support dispensary businesses with the very best marketing supplies that will set them up for success.
Cannabis Market Growth: Pot Sales Are Soaring
Cannabis sales numbers are growing faster than a marijuana plant. How much is the marijuana industry worth? In 2021, legal sales of marijuana totaled $21 billion. In 2022, that number is expected to grow by 32% to more than $33 billion for the US marijuana industry. And those numbers are expected to continue to grow as more states legalize adult use and medicinal marijuana.
New Frontier Data estimates the compound annual growth rate (CAGR) of the legal cannabis industry in the US to be around 11% between 2020 and 2030, putting the industry’s worth at more than $57 billion by the end of the decade. If the 18 states projected to legalize marijuana do so by the end of the decade, that estimate soars to $72 billion.
Besides sales, the marijuana industry contributes to the overall economy through tax revenue and job creation. At present, the marijuana dispensary industry in the US provides around 520,000 jobs, a number that is expected to top 800,000 by 2026.
How Many Medical Marijuana Dispensaries Are Currently Open In the United States?
While there are no statistics showing how many medical marijuana dispensaries are currently open in the United States, there are 38 states, plus Washington, D.C., that operate legal medical cannabis programs, and the total number of registered patients topped 4.4 million in 2021. That number is expected to grow to 5.7 million patients by 2030, even if no new states are added to the list of medical marijuana states.
While the majority of Americans live in a state with a medical marijuana market, individual state regulations (restricted lists of qualifying conditions, program participation costs, product limitations, retail access and product taxation) all play a large role in the level of participation within each state. When considered together, these factors determine how quickly and how large each state program will grow.
2022 Marijuana Laws
As the number of states legalizing marijuana continues to grow, it follows that you will continue to see cannabis market growth. Among those that have legalized medical cannabis, a total of 19 states and Washington, D.C., have also legalized recreational marijuana use. Most recently, in May 2022, Rhode Island became the latest state to legalize adult use marijuana. Sales are expected to begin by December 2022.
Other states have bills in various stages that would add them to the list of states with legalized marijuana. As more states legalize, the cannabis market size will continue to grow.
Let DispenseMore.com Help Your Dispensary Grow
As the number of cannabis dispensaries continues to grow across the nation, DispenseMore.com is focused on helping businesses stand out with creative dispensary packaging and other dispensary promotional products. With more cannabis market growth expected, we offer a range of dispensary products designed to help your dispensary cultivate a wider customer base, including: