It’s hard to know exactly just how big the marijuana industry is, but one thing is a fact: the marijuana industry has grown tremendously in the past few years and it is expected to continue growing as more and more states legalize cannabis. Legalization of marijuana has started to spread and as a result, the market is expected to grow at a rate of $130 million this year. If you invest in weed stock, you are expected to make a profit because this industry is in the initial stages of a boom. Read on to learn just how big the cannabis market has become.
The cannabis market in numbers
In 2021, the global cannabis market is estimated to be worth $50.251 million and that number is expected to grow by 26.5%. Cannabis has become increasingly popular in recent years which has resulted in the market size of the industry being more transparent. Many companies are also studying the market potential and by the end of 2025, the expected global market value of marijuana will be $146.4 billion. Some of the findings are showing that online stores, such as MagicVaporizers seen here, are responsible for a large contribution to the market due to the convenience and large range of products they offer. The states with the most rapidly growing markets in the US are Florida and Oklahoma with sales exceeding $1 billion each year. The CBD market value is estimated to be $22 billion by 2022 and the global spending on legal marijuana is estimated to reach $57 billion by 2027. The average price of an ounce of good quality cannabis in the US is $320 and interesting to note, the sale of legalized cannabis is predicted to top the sale of cigarettes in the US. The projected sales of legal cannabis by 2022 is $22 billion and the average person spends between $20-$50 every time they enter a marijuana retailer. In terms of employment in the cannabis industry, between 2020 and 2024, the cannabis industry will create 250,000 full-time jobs and the median salary for someone working in the cannabis industry will grow from $58,511 in 2019. These statistics demonstrate just how huge this industry is and this is just the beginning. 62% of US citizens support the legalization of cannabis and 55 million US citizens are marijuana users. Of those 55 million, 71% claim to use marijuana recreationally, and 53% claim that marijuana helps with the treatment of pain.
How did the rise of popularity happen?
The cannabis industry has linked with many other industries including the tech industry which has resulted in the formation of various products. Cannabis has even entered the cosmetics industry and you can find CBD-infused face wash, soaps, and moisturizers to name a few. Cannabis has also entered the food industry. Edibles have always been a popular method of consumption but now there is more innovation and you can now find CBD beverages including beer and other edibles such as ice cream, lollipops, and gummies.
What does the future hold?
The marijuana industry is expected to add $160 billion to the U.S economy by 2025. In the past 20 years alone we have seen a major transformation in the marijuana industry with legalization spreading rapidly across the globe and innovations in the cannabis industry rising significantly. We can only imagine what the industry will look like 10 years from now. It is expected that the price of an ounce of marijuana will rise significantly as a result of the rising demand which will generate an added value. We will also see a rise in cannabis users and there will be a large number of companies capturing the market. There are obvious economic benefits that come with legalizing cannabis and this will continue to be a case of the economy being strengthened as a result of legalization that will also bring about innovations in the way that we produce cannabis as well as the way we consume it. The cannabis industry will create massive employment which will benefit the economy and the people. Also, we will see hemp being used more aggressively in the textile industry, the food industry as well as the plastic industry, which will slowly start to see hemp plastic as their more sustainable and biodegradable competition. Overall, it looks positive.
The negative perception and stigma surrounding marijuana have now faded and the plant is being embraced by society.