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Cannabis Industry Statistics 2024 Where the Industry Stands

Cannabis Industry Statistics 2024 Where the Industry Stands

Cannabis has surely come a long way. From its humble beginnings as a banned substance, the cannabis plant is now the focal point of the fastest-growing industry in the U.S. 

Today’s global cannabis market is measured in billions of dollars, which is  a direct result of the widespread legalization efforts, combined with a significant increase in social acceptance. 

Acquiring cannabis products has also become increasingly accessible in the US, and even though the industry has been continually growing for the last five years, it shows no signs of slowing down in the near future. 

In fact, the cannabis industry is growing so rapidly that it’s becoming pretty challenging to keep track of its stellar development. 

So, no matter if you’re curious about entering the industry or you just want to find out where it’s heading, this article will guide you through all of the key cannabis industry statistics for 2024, including use figures, B2B growth data, employment demand and much more.

Cannabis Industry Statistics: Key Findings

  • Around 50% of cannabis users reported increased consumption since the start of the pandemic.
  • Worldwide cannabis sales reached $25 billion in 2021.
  • The US cannabis industry supports almost half a million jobs (428,059).
  • Sales to female cannabis consumers have increased by 55%.
  • 91% of US adults are for cannabis legalization.
  • Recreational cannabis is accessible to 44% of Americans.

Cannabis Use Statistics 2024

Cannabis use is continually rising, and here are some of the most notable statistics regarding cannabis consumption in the US:

  • The number of cannabis consumers is projected to grow by 4% each year over the period of eight years, reaching around 71 million users in 2030. (New Frontier Data)
  • Over 52 million American adults will consume cannabis products at least once during 2022 (from both recreational and unregulated markets). (New Frontier Data)
  • Generation Z’s market share has doubled over the course of the last two years (from 8.3% in the first quarter of 2020 to 15% in the last quarter of 2021), making them the demographic with the highest rise. (Headset)
  • The most frequent reasons cited for cannabis use in the US are stress (21.9%) and mental health management (21.5%). (Eaze)
  • 55% of US cannabis consumers stated that their use is both recreational and medical.  (New Frontier Data)
  • Frequent consumers are also on the rise, where 47% cited that they use cannabis products on a daily basis, while 67% stated that their consumption happens more than once a week. (New Frontier Data)

Cannabis Acceptance Statistics 

These are some of the most essential stats regarding current cannabis acceptance in the US:

  • As of 2022, 18 states (as well as Washington D.C. and Guam) have legalized recreational cannabis for adult use. (US News)
  • Nine more states are likely to legalize recreational cannabis by 2030. These include Florida, Maryland, Ohio, Oklahoma, Pennsylvania, Road Island, Missouri, New Hampshire, Road Island and South Dakota. (New Frontier Data)
  • 91% of American adults are for some form of cannabis legalization (where 60% support both recreational and medical, while 31% only for medical). 8% of the US adult population is completely against cannabis being legal. (Pew Research Center)

Cannabis Statistics on B2B Growth and Opportunity for 2024 and Beyond

The immense rise in the overall popularity of various types of cannabis products has helped the industry to become more transparent. 

This is primarily because a more significant number of companies are studying the market potential of this particular industry.

Here are the main stats related to growth and future opportunities:

  • The global cannabis market was estimated at a staggering $20.47 billion in 2020. (Fortune Business Insights)
  • As for 2021, the cannabis market stood at $28.26 billion and is expected to rise to $197.74 billion by 2028. (Fortune Business Insights)
  • The cannabis industry is expected to create a $100 billion influx to the American economy in 2022, while this number is projected to rise to $155 billion by 2026. (MJBizDaily)
  • The state of California is currently the most significant cannabis market in the world, for the moment more prominent than the entire Canadian legalized market. (Statista)
  • The North American cannabis market is currently the largest legalized cannabis market in the world, accounting for almost the entire share of cannabis sales worldwide. (Statista)
  • The largest North American cannabis multi-state operators (MSOs) have raised $2.8 billion in 2021. (Flowhub)
  • US cannabis retail sales are expected to go over $33 billion by the end of the year, and this number is projected to be at $52 billion in 2026. (MJBiz Factbook)
  • Even though female cannabis consumers only make up a third of the US market, their sales have increased by 55% in 2021. (Headset)
  • During the first year of the pandemic (2020), the US cannabis market saw a 71% increase in sales compared to 2019, reaching $18 billion. (Leafly)
  • US cannabis sales reached $175 million on April 4th, the most important cannabis holiday typically abbreviated as 420. (Statista)
  • In 2021, statistics showed that 46% of US consumers get their cannabis products directly from a dispensary. (Leafly)

Employment Demand in the Cannabis Industry 

The newly-founded cannabis industry has created numerous positions that haven’t existed before, such as extractors and professional budtenders. 

Of course, this industry also employs a great number of people with jobs that have previously existed, and a large portion of them are related to IT, primarily web development and graphic design.  

All in all, the cannabis industry has provided many people with highly competitive jobs, and here are the most prominent cannabis employment stats:

  • At the start of 2022, the US cannabis industry supports under half a million full-time jobs (428,059), with a 33% increase compared to 2021.
  • California is the leading cannabis employer, with 83,607 jobs in the industry in 2021.  (Leafly)
  • The cannabis industry has created over 280 new positions per day in 2021. (Leafly)
  • Projections from 2019 estimated that if cannabis products were federally legal in the US, the industry would create over $1.6 million jobs by 2025, which would garner almost $60 billion in salaries. (New Frontier Data)
  • There are currently more individuals working in the US cannabis industry than there are barbers, hairdressers and cosmetologists. (Leafly)

Cannabis Legalization Statistics 2024 

Although cannabis remains illegal on a federal level, as of August 2022, 37 states have legalized the use of either medical or in most instances both medical and recreational cannabis. 

Here are the most important stats pertaining to the legalization efforts in the US:

  • Since 2022, 77% of Americans live in a state where either medical or recreational cannabis is legal. (MJBiz Factbook)
  • Texas approximately makes up one-third of the US population without any access to legal cannabis. (MJBiz Factbook)
  • 18 US states are projected to legalize cannabis in the course of the next decade. If all of these states legalize the plant in this timespan, 96% of Americans will have access to legal cannabis. (New Frontier Data)
  • 77% of cannabis consumers are under the impression that there should be public spaces where cannabis consumption is permitted. (New Frontier Data)

Work with an experienced B2B cannabis marketing agency

Based on the current industry statistics it’s evident that the cannabis market continues to thrive, and shows no signs of slowing down. 

The sales and popularity of cannabis products weren’t affected by the pandemic, so it’s clear why so many entrepreneurs and businesses want to enter the cannabis industry. 

If you are looking to strengthen your brand’s digital visibility and rank higher on organic searches, New Perspective has helped numerous B2B cannabis companies reach their full potential and drive increased revenue.

Kate Sears

Written By: Kate Sears

Kate is a Client Success Manager at New Perspective. She helps our clients hit their goals.