Consumers are becoming more interested in cannabis for medical or recreational purposes. A recent survey showed that around 67% of Americans view cannabis use as acceptable, and about 70% support its legalization for medical services. With so many people becoming more interested in cannabis, the U.S. cannabis industry is booming. Several states have also legalized its use for either medical or recreational purposes within their borders. The U.S Cannabis Industry Statistics for 2022 and What it Means for Dispensaries article details a snapshot of the U.S cannabis industry today and what it might look like in five years.
What Are The U.S. Cannabis Industry Statistics?
The U.S cannabis industry is currently worth over $50 billion annually. It is one of the largest industries in the country and has a wide range of products and services. Its products range from cannabis-based edibles, beverages, extracts, and tinctures to cannabis-related apparel, accessories, equipment, and cultivation equipment. When it comes to the cannabis industry’s services, it includes cannabis compliance services, medical research on cannabis and its products, medical cannabis delivery, marketing, branding, and packaging services, and more. The U.S cannabis industry employs around 150,000 people nationwide, and this number is predicted to increase to over 400,000 within three years.
The Growth of Cannabis In The U.S. by 2022
The legalization of cannabis for medical and recreational purposes has led to a massive increase in the demand for cannabis. Around $75 billion of cannabis products were sold in the country in 2017. Experts predict that if the legalization of cannabis continues, then the U.S. cannabis industry will grow to an astonishingly high $100 billion by 2022. The increasing number of cannabis users has also led to an increase in the cannabis industry’s revenue. In 2018, the U.S. cannabis industry generated approximately $16 billion in revenue. Experts forecast that by 2022, this revenue is expected to increase to a staggering $75 billion.
Consumer Behavior In The U.S. Cannabis Industry
As the U.S cannabis industry continues to grow, so does the number of cannabis users. More people are becoming interested in the cannabis industry and are looking to buy cannabis products from dispensaries. Currently, around 22% of the U.S. population uses cannabis, up from 17% just six years ago. Among this growing population, approximately 33% of people use cannabis for medical purposes, while the remaining 67% use it for recreational use. When it comes to the type of cannabis that people are using, cannabis flower is still the most popular among recreational users. At the same time, edibles and tinctures are the most preferred products among medical users.
U.S Cannabis Industry Growth Predictions For 2022
As the U.S cannabis industry continues to grow, experts expect it to be worth over $100 billion by 2022. The cannabis industry’s revenue is expected to grow by more than $40 billion annually. Many analysts predict that the market for legal cannabis products is set to expand significantly in the next five years. And with more states set to legalize cannabis for recreational and medicinal purposes, the U.S. cannabis industry is expected to continue its upward trajectory.
The Leading Weed Dispensaries in America
As the cannabis industry continues to grow, more and more cannabis delivery and dispensaries will open their doors. There are plenty of different types of cannabis dispensaries out there, too, so you can find one that suits your needs. There are cannabis dispensaries that specialize in medical marijuana and sell recreational weed. You can even find a few retail weed shops that sell both. The cannabis dispensaries that lead the U.S. industry are the ones that provide the best customer experience. These dispensaries make customers feel welcome and offer them a wide selection of high-quality products. Define Cannabis is one of the leading cannabis dispensaries in the U.S. This cannabis dispensary specializes in medical marijuana, edibles, and a wide variety of other cannabis products. Define is open to all customers, no matter their state of residence. This dispensary is committed to providing each customer with an exceptional experience.
The U.S cannabis industry is worth tens of billions of dollars annually and is still growing. Over the next five years, industry experts expect it to be worth over $100 billion. As the interest in cannabis continues to grow, more people are expected to buy cannabis products from dispensaries. As the industry continues to grow, more companies are expected to invest in cannabis companies. These mergers and acquisitions are expected to lead to significant growth in the cannabis industry over the next five years.