Everyone knows about marijuana’s increasing decriminalization. The business is obviously exploding as a result of loosened restrictions. 2020 saw the industry’s best year on record and projections are for profits to climb even higher. Here is a sampling of statistics that point toward ever-increasing revenue for this already lucrative field.
A fast-expanding sector of the population favors legalization. According to a recent poll, 62% of Americans support this change. This number can be expected to increase as smoking becomes even more normalized and those fearful of its spread recognize that their concerns may be unfounded. Today, there are at least 55 million Americans inhaling.
Emerging as the largest cannabis sector in 2016, this part of the industry is estimated to reach more than $100 billion by 2025. An aging demographic that grew up accepting pot suggests there will be increased demand for weed prescribed by doctors. The CBD market alone, unlikely to face additional legal hurdles because of its non-psychoactive nature, should surpass $22 billion by 2022.
Any way you look at it, there is ample money to be made in the marijuana business. Typically, consumers pay $320 for an ounce of premium bud at dispensaries. Most people spend on average between $25 and $50 every time they enter one. In total, demand for cannabis in the U.S. has mushroomed to $52.5 billion. Already, North American investors have dumped $10 billion into the cannabis market.
Marijuana promises to become an increasingly active part of the overall economy. Regulated dispensaries take in an average of $3 million per year and cannabis-related jobs are expected to grow at a rate of around 21% through 2022. As if that were not enough, the salaries of those in weed-focused careers measure, on average, a full 10.7% higher than those in other businesses, with the typical worker’s annual pay weighing in at over $58,000.
Cannabis is becoming an increasing factor around many parts of the planet. Australia’s market should grow to $1.2 billion by 2027. Italy is expanding fast, with the same level of anticipated expansion as our friends down under. Germany, however, is positioned to become the leader in Europe. Global marijuana commerce is soon expected to hit $57 billion.
Statistics indicate that the cannabis industry is set to continue thriving and benefitting those inside it. There’s never been a better time to enter this exciting business.