Did you know that in 2018, Canada was the first G20 country to legalize the use of cannabis? That was certainly exciting news for many. Other states in America have since followed suit, such that it is pretty common to see dispensaries in states like Washington and Massachusetts.
The biggest state-level markets for marijuana are California, New York, Washington, Florida, Colorado, Texas, Michigan, Virginia, and Massachusetts. In that order, California is the biggest by far.
Today, you can browse CBD and cannabis products catalogs in trusted virtual stores. After making a donation or paying through cryptocurrency, you’ll have your products delivered to your apartment, café, house, or workplace. You can also expect exceptional customer service provided to all customers.
The cannabis market is thriving and diversifying. It may be an excellent investment opportunity, so why not take the time to learn about the latest trends and statistics in the market?
Read on to find out more about the movers and shakers in the cannabis industry. Who dominates the cannabis market?
Cannabis Facts
First off, you might want to know some facts.
Products can be made from hemp plants or marijuana. The hemp plant is used mainly for medical purposes due to cannabidiol (CBD), its essential component, which doesn’t produce mind-altering effects.
In contrast, tetrahydrocannabinol or THC is the counterpart component that gives the ‘high’ feeling and is commonly used for recreational purposes.
Marijuana is still federally illegal in the US. It is also the most used drug; the CDC estimates that about 18% of Americans in 2019 used the drug at least once.
The proportion is even greater amongst young people.
A medical marijuana card (MMJ) is issued among patients in some states. You may apply online or ask a medical professional how to get one. In other cases, a medical examination is required to ensure you are qualified for medical marijuana use.
The Food and Drug Administration (FDA) doesn’t regulate cannabis products. Thus, the responsibility lies at the buyer’s discretion. However, the organization allowed researchers and scientists to conduct studies to understand their uses, potential health benefits, and adverse effects further.
There’s no gender gap here; the users are nearing a near 50/50 split for men and women.
The drug has psychoactive properties and affects your brain. It may affect memory, concentration, and decision-making ability, among other things.
Overdose cases are rare and unlikely to happen. Side effects are only mild and resolve shortly.
Medical marijuana doses are confirmed by a physician, psychiatrist, or nurse practitioner. However, individuals who use cannabis products for recreational use must observe extreme caution to prevent severe adverse effects.
Astoundingly, cannabis sales nationwide increased by 67% in 2020. This is pure conjecture, but it may have something to do with lockdown and Covid. People are staying home and getting high, and they have the extra income to spend on mary jane.
Cannabis Industry
The industry is definitely thriving. According to New Frontier Data, by 2025 the legal marijuana sales may constitute a near 30-billion USD industry. Americans are smoking cannabis, cultivating marijuana, and are all on board with the trend.
According to Marijuana Business Daily, marijuana may account for up to 18,000 businesses for ancillary products.
The biggest state-level markets for marijuana are California, New York, Washington, Florida, Colorado, Texas, Michigan, and Massachusetts, in that order. California is the biggest by far.
California makes up almost a fifth of the industry in terms of billions spent on marijuana, both legally and illegally. If there are companies in the cannabis with knowledge of the best strains to grow, your best bet is to find them in California.
Corporate Findings
Now on a corporate level, what are things looking like?
The US cannabis industry is currently valued at $61 billion. Though cannabis capital seems to be declining as the market establishes itself, senior-level salaries are increasing throughout 2020.
Millennials are by far the biggest buyers of cannabis, both medically and recreationally. This may be because they have more disposable income compared to younger users. In 2020 alone, nationwide sales increased by 67%.
Most experts contribute this to the effect of the pandemic, and Generation Z aging into the marijuana market.
Online ordering continues to dominate the industry, as the Delta variant claims more lives. Order-ahead business models and shipping companies continue to profit.
Takeaways
Perhaps the most important takeaway is that as long as the pandemic is raging, cannabis use will not go down. People are stressed, they are stuck at home, and they are smoking weed. The cannabis industry is here to stay.
You can read more about market trends and statistics in our business section.
