(Mostly) All You Need To Know About The Marijuana Market

With legal ‘weed’ readily available from licensed dispensaries in Canada, more states to the South of us are legalizing marijuana for use in America and as such, the demand is increasing.

A good example is Colorado.

The state opened the first regulated recreational marijuana market in the world. A 2014 study also showed that 30% of the heaviest “pot” users in Colorado were responsible for 87% of the demand for the drug. Judging from these stats, we can see that the demand for marijuana is steadily rising as it is becoming accepted and legalized in more places around the world.
The marijuana market is getting bigger by the day as Americans spend roughly $40 USD billion annually on legal and illegal marijuana. There is so much more to these impressive figures and the rest of this article and info-graphic will discuss these factors. Let’s dive in, shall we?

Legalization

Typically, only two countries in the world allow the recreational use of marijuana – Uruguay and Canada. Although marijuana is still illegal under federal law in the United States, there are state laws that make it legal to consume under certain conditions. Marijuana is legal in 12 states for recreational use, and in 33 states for medical use. In the states where marijuana is legalized for medical use, there are licensed dispensaries that distribute it. These states restrict the number of dispensaries and they are usually non-profits. If we take into consideration the fact that the majority of Americans (62%) support legalizing marijuana, we can surely expect even more states to adopt new marijuana-friendly laws. As the public learns more about proven marijuana benefits, the support increases.

Sales and Demand

The rising demand for marijuana keeps driving it to record high sales as 55 million people use marijuana regularly. Studies show that by the end of 2022, recreational marijuana sales in the U.S are projected to more than triple.
The average price per ounce of marijuana differs in the U.S by state and it may vary greatly. For example, the District of Columbia has the highest price at $600.7 USD per ounce while Oregon’s price is $210.6 USD for the same quantity. Also, research shows that the cannabis market is projected to grow at a rate of 21% per year.

Employment

With the escalating demand, there is a corresponding rise in the need for greater production, and the industry provides jobs and opportunities for investments. People with degrees in pharmacology, botany, and chemistry can be very beneficial in the industry. As for the salaries, the starting pay is $40,000 for growers and pharmacologists.
The three factors above paint a clear picture of the state of the marijuana market. It is very lucrative and expected to keep thriving.