Key Highlights
- The global legal cannabis market size was valued at USD 17.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 26.7% from 2021 to 2028
- In the United States, over 68% of adults support marijuana legalization, according to a 2022 Gallup poll
- As of 2023, there are 39 states plus Washington D.C. that have legalized medical cannabis
- California, the largest legal cannabis market in the U.S., generated over $5.8 billion in sales in 2022
- The number of cannabis dispensaries in the United States increased from 2,300 in 2017 to over 7,000 in 2023
- The legal cannabis industry in Canada generated CAD 4.3 billion (approximately USD 3.3 billion) in revenue in 2022
- The percentage of Americans who have tried marijuana at least once increased to 52% in 2022, from 49% in 2019
- The total number of jobs created by the legal cannabis industry in the U.S. surpassed 428,000 in 2023
- The average retail price of legal cannabis in California was around USD 200 per ounce in 2022, a decrease from USD 300 in 2020
- CBD products accounted for about 25% of the total cannabis sales in the U.S. in 2022
- In 2023, the global medical cannabis market is projected to reach USD 66.5 billion by 2028, growing at a CAGR of 20.3%
- The recreational cannabis market contributed over USD 16 billion to U.S. economic activity in 2022, including job creation, taxes, and sales
- In 2022, Colorado's legal cannabis sales reached approximately USD 2.2 billion, generating significant tax revenues for the state
The cannabis industry is experiencing explosive global growth, with markets projected to surpass USD 84 billion by 2028 and over 428,000 jobs created in the U.S. alone, illustrating a rapidly expanding sector fueled by widespread legalization, increased consumer acceptance, and significant investor confidence.
Consumer Behavior and Demographics
- In the United States, over 68% of adults support marijuana legalization, according to a 2022 Gallup poll
- The percentage of Americans who have tried marijuana at least once increased to 52% in 2022, from 49% in 2019
- The average retail price of legal cannabis in California was around USD 200 per ounce in 2022, a decrease from USD 300 in 2020
- The majority of new cannabis consumers in the U.S. in 2022 were aged 21-35, representing about 50% of new users
- The percentage of U.S. adults who report using cannabis recreationally increased from 15% in 2018 to 21% in 2022
- Approximately 60% of cannabis consumers in Canada prefer legal dispensaries over illegal sources, ensuring product safety and quality
- The average annual spending on cannabis in the U.S. per user was approximately USD 575 in 2022, up from USD 400 in 2018, indicating increasing consumer expenditure
- The majority of cannabis users (around 70%) in the U.S. consume cannabis for recreational purposes, with the rest mainly using it for medicinal reasons
- In the U.S., 77% of adults in legal states support continuing cannabis legalization efforts, according to 2022 polling data
- The average dose of THC in edibles sold legally in the U.S. increased from 10 mg to 20 mg over the past five years, impacting consumer potency
- The percentage of U.S. adults who regularly use cannabis (monthly or more) increased to 14% in 2023, from 10% in 2016, indicating growing habitual use
- The percentage of marijuana consumers who prefer vaping has increased from 35% in 2018 to 50% in 2023, reflecting consumer preference for alternative consumption methods
- In 2022, the average THC potency of cannabis flower in legal markets was approximately 20%, up from 12% in 2018, reflecting increased potency trends
- The number of cannabis consumers in the U.S. aged 55 and older increased by 85% between 2019 and 2023, demonstrating aging population acceptance
Consumer Behavior and Demographics Interpretation
Legal Status and Regulations
- As of 2023, there are 39 states plus Washington D.C. that have legalized medical cannabis
- The number of cannabis-related arrests in the U.S. decreased by about 50% between 2012 and 2021 due to legalization and policy reforms
- The proportion of THC testing labs in legal cannabis states doubled between 2018 and 2023, indicating increased focus on product safety
- Over 80% of U.S. states with legal cannabis have seen a decrease in crime rates in their jurisdictions, according to recent studies
Legal Status and Regulations Interpretation
Market Players and Employment
- The total number of jobs created by the legal cannabis industry in the U.S. surpassed 428,000 in 2023
- The percentage of employment in the cannabis industry among youth aged 18-29 rose to 8% in 2023, indicating youth engagement
Market Players and Employment Interpretation
Market Size and Economic Impact
- The global legal cannabis market size was valued at USD 17.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 26.7% from 2021 to 2028
- California, the largest legal cannabis market in the U.S., generated over $5.8 billion in sales in 2022
- The number of cannabis dispensaries in the United States increased from 2,300 in 2017 to over 7,000 in 2023
- The legal cannabis industry in Canada generated CAD 4.3 billion (approximately USD 3.3 billion) in revenue in 2022
- CBD products accounted for about 25% of the total cannabis sales in the U.S. in 2022
- In 2023, the global medical cannabis market is projected to reach USD 66.5 billion by 2028, growing at a CAGR of 20.3%
- The recreational cannabis market contributed over USD 16 billion to U.S. economic activity in 2022, including job creation, taxes, and sales
- In 2022, Colorado's legal cannabis sales reached approximately USD 2.2 billion, generating significant tax revenues for the state
- Over 300 new cannabis cultivation licenses were issued in California in 2022, signaling industry growth
- The global THC market value was estimated at USD 11.2 billion in 2022, with expectations to grow significantly
- Investment in cannabis startups reached over USD 4.1 billion globally in 2023, highlighting strong investor confidence
- The number of licensed cannabis growers increased by over 35% in the U.S. between 2020 and 2023, indicating rapid industry expansion
- The global cannabis candy market is projected to reach USD 7.4 billion by 2030, growing at a CAGR of 23%
- The legal cannabis industry has contributed to the reduction of opioid overdose deaths in states where it is legal, with some studies indicating a 20-30% decrease
- As of 2023, over 2.3 million Americans hold state-legal cannabis licenses, including growers, processors, and retailers
- Europe’s legal cannabis market is projected to reach USD 5.5 billion by 2027, driven by expanding legalization efforts
- The cannabis industry generated over USD 3 billion in state tax revenue in the U.S. in 2022, supporting public services and infrastructure
- The global CBD market was valued at USD 3.7 billion in 2022 and is expected to grow at a CAGR of 22% through 2028
- The Washington State cannabis industry contributed approximately USD 370 million in tax revenue in 2022, supporting education and public health programs
- The global medical cannabis patient population is projected to reach 62 million by 2028, expanding access and research worldwide
- The average price of legal cannabis in Canada decreased by 35% from 2019 to 2022 due to increased supply and competition
- The global social cannabis consumption market is expected to grow to USD 100 billion by 2030, driven by legalization and decriminalization policies
- The number of cannabis-themed products in mainstream retail stores increased by over 150% from 2019 to 2023, showing mainstream acceptance
- The U.S. cannabis market generated approximately USD 25 billion in legal sales in 2022, with projections to reach USD 41 billion by 2025
- The global cannabis seed market is estimated to reach USD 1.2 billion by 2027, driven by cultivation demand worldwide
- The global legal cannabis market is anticipated to reach USD 84 billion by 2028, growing at a CAGR of 29.4%
- The global industrial hemp market size was valued at USD 4.8 billion in 2022 and is projected to grow at a CAGR of 14.2% through 2028, driven by fiber, textiles, and bio-products
- The United Nations Office on Drugs and Crime (UNODC) reports that global cannabis cultivation increased by over 40% from 2010 to 2020, indicating growing production
Market Size and Economic Impact Interpretation
Product Development and Innovation
- The average THC concentration in legal cannabis flower products increased from 17% in 2018 to 22% in 2023, reflecting product potency trends
- In 2023, the number of cannabis-related patents filed globally increased by 18%, reflecting innovation in product development and cultivation technology
- The number of CBD-related patent applications increased by 34% from 2018 to 2023, signaling growth in product innovation
Product Development and Innovation Interpretation
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