As more states legalize recreational and medical cannabis, the cannabis industry has seen tremendous growth in recent years. And these new markets mean new potential for cannabis dispensaries looking to capitalize on the industry’s growth.
Along with knowing when and where to expand, those in the cannabis industry need to understand customer needs. This is essential when it comes to creating an effective marketing strategy.
As a digital marketing agency with a proven track record of helping those in the cannabis industry, we understand reaching customers. So, we put together a list of top cannabis industry statistics to help you translate growth trends and demographics research into marketing strategies that match the market. Our list provides facts on consumers, industry growth, and medical cannabis trends.
US Cannabis Research
Cannabis industry growth statistics
The cannabis industry anticipated adding nearly 250,000 full-time jobs between 2020 and 2024 (Marijuana Business Factbook)
Combined recreational and medical cannabis sales in the U.S. are anticipated to increase by 40% between 2019 and 2020. If that happens, marijuana sales will break $15 billion by the end of the year (Marijuana Business Factbook)
U.S. cannabis businesses anticipated generating up to $130 billion into the U.S. economy by 2024 on an annual basis (Marijuana Business Factbook)
In 2019, more adults purchased legal and medical cannabis in the United States than purchased sleep aids, hard seltzer, and toothpaste combined (Marijuana Business Factbook)
Total marijuana sales now exceed the NBA’s annual U.S. revenue and anticipated, by 2024, to surpass Americans’ annual spending on craft beer (Marijuana Business Factbook)
Medical cannabis sales in Florida and Oklahoma are expected to surpass $1 billion each by 2021. This projection places them among the most valuable and rapidly growing cannabis markets in the United States (Marijuana Business Factbook)
Cannabis businesses collectively pay hundreds of millions of dollars in state and local taxes. That tax revenue funds projects, like roads, and rural hospitals, as well as government programs such as education in those regions (Marijuana Business Factbook)
Oklahoma’s marijuana market is expected to eclipse $700 million by the end of 2020 (Marijuana Business Daily)
Europe’s legal medical cannabis market in 2019 was worth roughly 240 million euros ($260 million) (Marijuana Business Daily)
New Frontier Data, a cannabis market research and data-analysis firm, estimates that the US cannabis industry employs at least 250,000 people (Marijuana Business Daily)
Another study estimated the marijuana industry would grow to at least 330,000 jobs by 2022. For comparison, the US steel and iron industry employs 268,000 people (Business Insider)
The median salary in the marijuana industry salary was $58,511 per year. This is $5,648, or 10.7 percent, higher than the U.S. median salary of $52,863 (Glassdoor)
Most US and Canada consumers spend $50 or more per month on cannabis and related products (BCW/PSB/Buzzfeed)
Recreational pot sales could double medical sales by 2022 (Fool.com)
Cannabis consumers
About 59 percent said they want medical and recreational legalization, while 32 percent said they only want medical legalization. (Pew Research)
Around nine in ten Americans favor legalization for recreational or medical purposes (Pew Research)
49% of millennials consume cannabis for recreational reasons (Verilife)
Twenty-seven percent of American adults say they currently use marijuana and tend to consume it several times a week (BCW/PSB/Buzzfeed)
Men (15%) are more likely to smoke marijuana than women (9%) (Gallup)
18- to 29-year-olds are the most likely age group to smoke marijuana, They are about twice as likely as those between the ages of 30 and 64, and seven times as likely as adults older than 65 to try cannabis (Gallup)
Liberals (24%) are six times more likely to smoke marijuana than conservatives (4%), and twice as likely as moderates (12%) (Gallup)
Between 13% and 16% of adults across the East, Midwest and West smoke marijuana, versus 7% in the South (Gallup)
Two-thirds of Americans say the use of marijuana should be legal, according to Pew Research Center survey (Pew Research)
Less than half of senior citizens (49%) are in favor of decriminalizing marijuana. While only 40% of adults born before 1945 are in favor of decriminalization (Gallup)
61% of Baby boomers and members of 63% of Generation X are close to the national average in terms of favorable views of marijuana legalization (Gallup)
Americans are more likely to use cannabis daily than Canadians. Studies show two out of five Americans report daily marijuana use (37%), compared to under a third of Canadians (27%) (Ipsos)
Over half of those who have consumed CBD in the past year do so once a week or more (Ipsos)
The most preferred form of consuming cannabis is smoking (61%), and 1 in 5 say edibles are their preferred method (19%). Less common forms include vaping (13%), capsules (3%) and tinctures (3%) (Ipsos)
Current cannabis users defy the stereotype of “lazy stoners” as studies show they are 13% more likely to be employed full-time (BCW/PSB/Buzzfeed)
Between 2001 and 2010, there were more than 8 million marijuana arrests in the US, according to (American Civil Liberties Union)
Thirty-five percent of Americans say they’ve tried cannabis at some point, and of those who haven’t, 25% say they’d consider it. (BCW/PSB/Buzzfeed)
Nearly two-thirds report using marijuana daily (39%) or a few times a week (27%) (BCW/PSB/Buzzfeed)
Of cannabis consumers, most — 59% — tried it for the first time between the ages of 13 and 18 years old (PSB/BCW/Buzzfeed)
Most cannabis users consume it to wind down after a long day (67%) (BCW/PSB/Buzzfeed)
Approximately one in four young Americans agree with the statement: they would be more likely to vote in an election where legalizing marijuana was on the ballot (Harvard)
Americans widely embrace measures to tax and regulate cannabis (60%) (BCW/PSB/Buzzfeed)
48% of consumers enjoy cannabis in the “late evening” (BCW/PSB/Buzzfeed)
7 out of 10 consumers in the US and Canada believe cannabis improves anxiety and stress levels after use (BCW/PSB/Buzzfeed)
Medical Marijuana Statistics & Data
Medical Cannabis
In 2012, Colorado and Washington were the first states to legalize cannabis (Pew Research)
Where do Americans buy cannabis? Research shows half of users purchase their cannabis products at recreational dispensaries (54%), one-third buy cannabis from friends (32%), and one-fifth purchase products from medical dispensaries (21%) (Ipsos)
50% of baby boomers consume cannabis for medical purposes (Verilife)
Oregon is the state with the most marijuana dispensaries per capita. There are more than 660 dispensaries located throughout the state or 16.5 per 100,000 residents. (Verilife)
Missoula, Montana is the city with the most dispensaries per capita with 18 marijuana dispensaries per 50,000 people (Verilife)
Baby Boomers are twice as likely to use medical cannabis than recreational marijuana (Verilife)
Colorado and Washington were the first two states to legalize cannabis [2012] (Pew Research)
Half of users purchase their cannabis products at a recreational dispensary (54%), a third buy from friends (32%), and another fifth from a medical dispensary (21%) (Ipsos)
Young adults who live near medical cannabis dispensaries use cannabis more often and have more positive views of cannabis (Rand)
84% of consumers who don’t buy from a dispensary would consider it (BCW/PSB/Buzzfeed)
FAQ
What Are the Key Marketing Challenges Facing the Cannabis Industry?
Key challenges include navigating complex regulations, dealing with advertising restrictions on major platforms, and overcoming stigma associated with cannabis use.
How Has Consumer Demographics for Cannabis Products Evolved?
Consumer demographics have broadened, with increasing acceptance among older adults and more diverse usage across different age groups and socioeconomic backgrounds.
What Digital Marketing Strategies Are Most Effective for Cannabis Businesses?
Effective strategies include SEO, content marketing, influencer partnerships, and leveraging niche social media platforms that allow cannabis-related advertising.
How Do Regional Regulations Impact Cannabis Marketing?
Regional regulations greatly impact marketing strategies, requiring businesses to tailor their approaches to comply with varying state and local laws.
What Role Does Data Analytics Play in Cannabis Marketing?
Data analytics helps businesses understand consumer behavior, optimize marketing campaigns, and make informed decisions based on market trends and performance metrics.
