The marijuana industry is growing at an alarming rate. With marijuana becoming legal in more and more states, the industry is projected to continue to grow.
This article will provide entrepreneurs with current and projected marijuana industry statistics, including worth, market size, revenue, profit, and employment.
Current Marijuana Industry Statistics
First, let’s see the current marijuana industry statistics.
Market Statistics & Growth
- The marijuana industry is worth $7.1 billion and is expected to reach $22.6 billion by 2025.
- The industry makes up 1% of the US economy and is projected to grow to 3.5% by 2021.
- The marijuana industry is currently the fastest growing industry in the United States.
Revenue and Profit Statistics
- Marijuana companies generated $2.7 billion in revenue in 2016 and are projected to generate $11.7 billion in 2021.
- Profit margins for marijuana companies are currently at 26%, which is higher than the average profit margin for all industries.
- The marijuana industry is projected to create $1.1 billion in tax revenue for state and local governments by 2021.
- On average, dispensaries make a revenue of $2,100 per square foot.
- The marijuana industry currently employs 165,000 people in the United States.
- The marijuana industry currently has a higher employment rate than the average for all industries.
- The average wage for employees in the marijuana industry is $15 per hour.
Other Marijuana Industry Statistics
- The marijuana industry currently comprises 2,500 businesses in the United States.
- The marijuana industry is currently the second largest contributor to the US economy.
- Marijuana is sold in 37 states in the United States.
- Marijuana is legal for medicinal purposes in 23 states and the District of Columbia.
- The greatest challenges to the marijuana industry’s growth are currently marijuana’s illegal status at the federal level and the lack of banking access for marijuana businesses.
- The amount of cannabis cultivated in the United States currently exceeds demand.
Future Outlook for the Marijuana Industry
Now, let’s take a look at the future predictions for the marijuana industry.
- The marijuana industry is predicted to create 1 million new jobs by 2025.
- The marijuana industry is projected to be worth $50 billion by 2026.
- Marijuana is predicted to be legal in all 50 states by 2030.
- The marijuana market is expected to grow at a CAGR of 16.9% from 2016 to 2025.
- The greatest challenges the industry will face are marijuana’s illegal status at the federal level, the politics surrounding cannabis, and a lack of banking access for marijuana businesses.
As you can see, the marijuana industry is growing at an alarming rate. Entrepreneurs looking to get involved in this industry must be aware of current and future trends. With marijuana becoming legal in more and more states, the industry is projected to continue to grow and make significant contributions to the economy.