The cannabis industry has come a long way over the years. From having a bad rep in society to becoming one of the world’s fastest-growing industries, there’s no denying that marijuana has turned the tables. With every sector of the marijuana industry doing its fair share to propel it further, support for cannabis is definitely at its peak.
According to a report by MJBiz Daily, medical and recreational cannabis sales in the United States could reach a combined $33 billion by the end of 2022. This will be significantly more than the previous year, in which marijuana sales reached an astounding $25 billion. With this trajectory, the study projects that cannabis sales will exceed $52 billion by 2026.
So, are we in the golden era of cannabis? To answer this question, we’ll have to uncover the latest marijuana statistics and figure out the future of cannabis sector.
What The Statistics Reveal
Numbers don’t lie. When it comes to the cannabis market, the figures are incredibly paramount. Through cannabis industry data, stakeholders in the marijuana sector can determine how much they’ve grown and predict the market’s future direction. Let’s dive into the most recent statistics regarding marijuana to find out where the cannabis industry currently is and where it’s headed.
The number of people who consume marijuana has grown steadily over the last few years, with many people making the most of the substance’s medical capabilities. According to cannabis market research, nearly half of the adults in America have tried marijuana at some point. These statistics show the highest measure of adult use of weed ever recorded.
Furthermore, despite the economic collapse brought by the Coronavirus pandemic, the cannabis industry has continued to thrive. According to a 2021 survey by Weedmaps, close to 50 percent of weed users increased their consumption during the pandemic. The increase was attributed to the findings that cannabinoids are effective in stopping COVID-19 infections.
One question that can help us ascertain if we’re in the golden era of cannabis is; how much is the marijuana industry worth? An analysis by BofA Securities found that the market size of cannabis grew to a staggering $25 billion in 2021. This cannabis industry growth marked an increase of 40 percent, making the cannabis market one of the fastest developing industries in America. The cannabis market size grew to $31 billion on a global scale.
Mature markets like the cannabis industry in the US provide great insight into how the marijuana field is fairing and how it could look in the future. Currently, 19 states alongside Washington DC have legalized adult-use cannabis, while 37 states plus DC have legalized the medical use of marijuana.
Sentiments About Cannabis
More people are changing their sentiments about cannabis. The new age of cannabis consumers has debunked the long-standing negative stereotypes of lazy and unmotivated stoners. In fact, a report by Forbes clears the air on this matter, revealing that modern weed consumers are motivated, successful, and health-conscious people.
While medical marijuana has received the most support, the recreational cannabis market is also gaining favor among many Americans. More than 90 percent of Americans are pro-legalization, with an overwhelming number supporting recreational and medical cannabis. Less than 10 percent of people in the United States are against the decriminalization of marijuana.
What’s more, cannabis industry statistics reveal that support for marijuana is bipartisan in the United States. Essentially, this means that most of the two major political parties favor cannabis legalization. Marijuana statistics have found that nearly 50 percent of the Republican party and 80 percent of Democrats support the decriminalization of weed. Even though the two sides may not see eye to eye on several issues, it’s clear that many of them agree marijuana should be legal.
If these weed statistics are anything to go by, the marijuana industry is arguably in its best-ever position. Cannabis sales are through the roof, and support for the substance’s legalization is at an all-time high.
What This Means For Businesses
The cannabis industry in the US seems to be on a steep upward trajectory. There’s no denying that the industry is booming with the market size of cannabis and overwhelming consumer support.
Still, what does this mean for entrepreneurs and businesses in the sector? More importantly, is the weed industry growing fast enough to accommodate the upsurge of investors? Essentially, a thriving market attracts investors and entrepreneurs, and the marijuana industry is no exception.
Many people in the United States have access to legal weed. Nearly half of the American population lives in states that have legalized recreational cannabis. Moreover, with marijuana facts 2022 pointing toward the market’s continued growth, the number of cannabis businesses is expected to rise.
When thinking about how to start your own dispensary, there are still plenty of factors to consider. There are several permits and licenses you must acquire before your business can be operational. You also have to provide quality products and keep up with the latest cannabis trends 2022 and beyond to stay afloat in this competitive market.
Furthermore, it’s crucial to appeal to the target demographic to ensure you attract as many clients as possible. Using creative cannabis packaging designs is one of the best ways to ensure you pique the interest of your clients. Branded cannabis bags help your company stand out in the industry, enabling you to lure more consumers to your products.
What’s Holding The Cannabis Industry Back?
Today, it’s quite evident that the marijuana culture is becoming more popular. However, that’s not to say the cannabis industry hasn’t had its fair share of hurdles. Here are some of the most substantial barriers threatening the cannabis total addressable market.
Perhaps the most significant drawback for the cannabis industry is the fact that federal law still considers weed as a Schedule 1 controlled substance. Although the cannabis industry market share has significantly grown and marijuana sales are through the roof, legalization has proven to be challenging. It has also limited the amount of research that can be done on cannabis, thus hindering discoveries, especially at a medical level.
Recently, The House passed a bill to legalize cannabis on a federal level. The new bill will prevent federal agencies from denying federal workers security clearances for cannabis use. It will also permit the Veterans Administration to recommend marijuana to treat post-traumatic stress disorder.
The Counterfeit Market
Another significant hurdle for the marijuana industry is the counterfeit market. Research has shown that counterfeiters perpetually fabricate numerous synthetic cannabinoid agonists. This makes things difficult for authorities when registering a list of safe products. Consequently, this puts uncountable lives at risk and threatens to put numerous legitimate companies out of business. However, since federal legalization is imminent, stakeholders can look forward to a drop in the number of counterfeits in the industry.
Future Trends In The Cannabis Industry
Since federal legalization looks more feasible, what does the future look like for businesses in the marijuana field? As we blaze into the second half of the year, let’s look at some of the cannabis trends, 2022 may still have in store.
Custom Packaging For Brands
One of the many marijuana facts, 2022 has already proven is that the cannabis industry is rapidly growing. This is apparent in the numerous interests marijuana startups have received from venture capitalists. Therefore, many firms turn to custom branding to attract investors and clients. From custom jars for weed to customized pre-rolled cones, weed companies are doing everything to stand out in the highly competitive market.
More Online Integration
As a result of the COVID 19 pandemic, the eCommerce sector has seen incredible growth over the last two years. The marijuana industry is one of the principal beneficiaries of online shopping and delivery services. A survey by Weedmaps found that cannabis deliveries increased by 60 percent in the first half of 2021. While the world has slowly returned to normalcy, many expect consumers to continue utilizing online platforms to obtain cannabis.
According to marijuana facts, 2022 has been a revolutionary year for the weed market. The cannabis industry has grown from a far-fetched dream to a reality. Custom pre-rolled joint packaging and personalized products are becoming the norm in the market as the world enters a new age – a golden era for cannabis.