2024 Marijuana Industry Statistics (2024)

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What is the prediction for the marijuana industry? ›

Revenue in the Cannabis market worldwide is forecasted to reach US$64.73bn in 2024. The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.01%, leading to a market volume of US$75.09bn by 2029.

According to a survey conducted in 2023, 17 percent of American adults smoke marijuana. Additionally, around half of adults in the United States declared to have tried marijuana at least once.

Only 27% Of U.S. Cannabis Businesses Are Profitable, Survey Shows. Contributor. I cover cannabis, health, and politics. Cannabis businesses in the U.S. continue to struggle to break even—let alone become profitable—and a new survey illustrates the situation in terms of robust, data-driven numbers.

U.S. Cannabis Market Size & Trends. The U.S. cannabis market size was estimated at USD 33.60 billion in 2023 and is projected to grow at a CAGR of 12.10% from 2024 to 2030. In the U.S., cannabis is used in the pharmaceutical, cosmetic, and food & beverage industries.

The market size of the Medical & Recreational Marijuana Growing industry in the US has grown 29.1% per year on average between 2018 and 2023.

Innovative Industries, a cannabis REIT, is the largest company in the sector in terms of market capitalization. Curaleaf is the largest cannabis producer and retailer in revenue and market cap. Trulieve is the world's largest cannabis retailer based on the number of locations and distribution.

As of late 2023, Washington has the highest marijuana excise tax rate at 37%.

According to the National Survey on Drug Use and Health, cannabis (marijuana) is one of the most used drugs in the United States, and its use is widespread among young people. In 2021, 35.4% of young adults aged 18 to 25 (11.8 million people) reported using marijuana in the past year.

The revenue potential from cannabis is substantial. States collected nearly $3 billion in marijuana revenues in 2022. Nationwide legalization could generate $8.5 billion annually for all states. Tax consistency across jurisdictions will be important if interstate commerce is legalized.

California won't see much competition until U.S. states with large populations ramp up their markets, such as New York, or, in the case of Pennsylvania, approve the sale of recreational marijuana. Of course, the same could be said for the opening of legal recreational markets in countries such as Germany.