In this article, we’ll cover:

• Cannabis market statistics
• Cannabis user’s stats and demographics
• Cannabis stats by state/country
• Cannabis cultivation
• Legal cannabis sales statistics
• Cannabis’ economic impact

Cannabis market statistics

North America, and the U.S. in particular, dominates the global cannabis market share. As more adults shift their views on state and federal marijuana legalization, the cannabis industry is poised for ongoing growth. The once-illegal plant is now drawing interest from all kinds of investors thanks to changes in both legislation and cultural acceptance of legal cannabis. And the overall cannabis market is predicted to grow steadily through 2030 (Research and Markets, Grandview Research, 2022). 

1. The U.S. dominated North America’s legal cannabis market in 2021, with a market share of 87.1% (Grandview Research)
2. At the end of 2022, the North American cannabis industry market size was $15.2 billion (Research and Markets) 
3. The U.S. market size is predicted to reach $32.9 billion by the end of 2023 (Statista)
4. The U.S. will generate more cannabis revenue than any other country in 2023 (Statista)
5. The market’s growth rate is predicted to be 15.3% through 2030 (Research and Markets)
6. Revenue in the legal cannabis market is projected to hit $47.5 billion by 2030 (Grandview Research) 
7. 88% of adults in the U.S. believe cannabis should be legal (Pew Research Center)
8. 53% of investors who don’t currently own marijuana stocks would consider investing with federal legalization (Magnify Money)
9. Curaleaf is currently the largest cannabis company by market cap at $2.57 billion (CompaniesMarketCap.com) 
10. The cannabis extract segment has dominated the market since 2021, a trend expected to continue through 2030 (Allied Market Research)

Cannabis investor stats and demographics

Investors of all ages and genders are breaking into the cannabis market. Gen Z and Millennials make up the highest proportion of cannabis industry investors as well as cannabis product users. While fewer members of older generations invest in cannabis stocks, those who do tend to invest more money than younger generations. Additionally, most cannabis investors expect to hold their investments for one to six years. 

1. 43% of investors hold at least one cannabis-related stock or exchange-traded fund (ETF) (Magnify Money) 
2. 54% of Millennial investors report investing in cannabis/marijuana stocks (Magnify Money) 
3. 47% of Gen X investors report investing in cannabis/marijuana stocks (Magnify Money) 
4. 62% of Gen Z investors report investing in cannabis/marijuana stocks (Magnify Money)
5. Just 16% of Boomer investors report investing in cannabis stocks, but the size of their investments is typically larger than younger generations (Magnify Money)
6. 49% of cannabis investors are men and 35% are women (Magnify Money) 
7. Marijuana investors say they expect to hold for the medium- to long-term: 48% for one to three years, 28% for four to six years, and 8% for 10+ years (Magnify Money) 
8. 65% of cannabis investors are also users of medical marijuana or recreational cannabis (Magnify Money)
9. Gen Z women are the fastest-growing segment of legal cannabis consumers (Springbig)
10. Gen Z and Millennials split their investments fairly evenly between recreational and medical marijuana (Magnify Money)
11. Boomers are four times more likely, and Gen Xers are two times more likely, to invest in medical cannabis versus recreational cannabis (Magnify Money)

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Cannabis stats by state

The trend toward legal cannabis in America has continued over the past few years, with 37 states allowing recreational and/or medical marijuana use as of January 2023 (NCSL, 2022). Some states have a thriving cannabis market, while others are still in the process of opening their first dispensary locations. California has the largest market for cannabis in the U.S. by a wide margin. However, Illinois, Colorado, and Florida are gaining ground. When you’re considering investments in the cannabis industry, it’s helpful to be aware of current state regulations and expected changes as the status of legal cannabis continues to evolve across the nation. 

1. Recreational cannabis use is legal in 21 states, plus the District of Columbia and Guam as of January 2023 (US News & World Report) 
2. Medical cannabis is legal in 37 states, three territories, and the District of Columbia as of January 2023 (NCSL) 
3. Connecticut began adult sales in January 2023, Maryland is slated to allow legal adult use of cannabis products on July 1, 2023, and dispensaries in Missouri could open as early as February 2023 (The Hill) 
4. Oklahoma will vote on legalization in March 2023, and Ohio is considering a bill to legalize recreational cannabis use (The Hill) 
5. Arkansas, North Dakota, and South Dakota all rejected the legalization of recreational cannabis in the November 2022 election (The Hill)
6. Idaho, Kansas, and Nebraska are the only states that do not allow cannabis use of any kind, including CBD and low-THC cannabis products (The Hill)
7. California is by far the largest recreational cannabis market in the U.S., with well over $410 million in monthly sales (Marijuana Business Daily) 
8. Illinois and Colorado have both seen significant growth in recreational and medical sales in recent years (Marijuana Business Daily)
9. California will have the nation’s highest market share, at 20%, by 2025 (Statista)
10. Florida and Illinois are each predicted to reach an 8% market share by 2024 (Statista)

Cannabis cultivation 

Legal cannabis is currently the sixth most valuable cash crop in America, ahead of staples like potatoes and rice (Leafly, 2022). While popularity may be a good sign for investors, it’s worth noting that the value of cannabis stocks fell in 2022 (Leafly, 2022). Analyzing trends in cultivation, demand, and the value of marijuana stocks may be helpful when developing an investment strategy that includes cannabis. Wider legalization and increased production could continue to spur increased sales while also driving prices down across the cannabis industry.

1. As of late 2022, there are 13,297 active legal cannabis farms in the U.S. (Leafly) 
2. Legal cannabis is America’s sixth most valuable cash crop, at a $5 billion annual wholesale value (Leafly) 
3. The value of cannabis crops fell by $1 billion in 2022 as wider legalization lowered the price of marijuana (Leafly) 
4. California grows the most legal cannabis, with a wholesale value totaling $1 billion (Leafly) 
5. Legal cannabis production totaled about 2,834 metric tons of marijuana for recreational use in 2022 (Leafly)
6. The estimated demand for recreational cannabis is 12,000-15,000 metric tons (Leafly)

Legal cannabis sales statistics

The legal cannabis industry saw sales spike during the height of the COVID-19 pandemic. But sales are softening and some financing is starting to dry up as demand returns to pre-pandemic levels. And while revenue from recreational and medical marijuana is still in the billions of dollars, overall prices have taken a dip in the past year. Still, market predictions point to steady, long-term growth. Companies with high market caps include Canopy, Cronos Group, Tilray, Aurora Cannabis, and Sundial Growers Inc.

Medical marijuana sales

Medical cannabis sales are projected to grow as more states open dispensary locations and the federal government moves toward licensing cannabis research. And as medical marijuana gains popularity, Big Pharma may see a corresponding decline in market share. 

1. North America accounted for the largest global revenue share of medical marijuana in 2021, at 76.1% (Grandview Research)
2. Sales of medical cannabis reached $11.9 billion by the end of 2022 (Statista)
3. Sales of medical cannabis are predicted to reach $15.6 billion by 2026 (Marijuana Business Daily) 
4. Congress passed a medical marijuana research bill in late 2022. The Medical Marijuana and Cannabidiol Research Expansion Act would allow research universities and private companies to acquire U.S. Drug Enforcement Administration licenses to grow and handle cannabis for scientific purposes (Marijuana Business Daily)
5. The time between states legalizing medical cannabis and recreational cannabis is getting shorter (Marijuana Business Daily)
6. Reports show that every time a state legalizes medical marijuana, Big Pharma sees significant market share drops. Consequently, some well-known drug makers are lobbying against legalization and/or developing their own cannabinoid pharmaceuticals (Leafly)

Recreational marijuana sales

Recreational cannabis use is on the rise across the U.S. More and more companies are meeting consumer demand with a variety of options beyond marijuana flower, giving investors a broader range of opportunities to put money into the cannabis market. Consumption has expanded into a wide range of cannabis products, including beverages, edibles, vape pens, skincare, and more. When you’re researching your investment options, you may wish to take note of companies on the cutting edge of developing recreational marijuana products. 

1. The U.S. is projected to have around 50 million cannabis users by 2025 (Statista) 
2. Recreational cannabis sales reached $21.1 billion in 2022 (Marijuana Business Daily)
3. Legal recreational sales are projected to reach $25 billion by 2025 (Statista)
4. Sales of cannabis-infused beverages, edibles, vape pens, and pre-rolls grew 5-12%, while flower sales declined 8%, in 2022. (Flowhub)
5. In the U.S., Gen Z was the only age group to show marijuana sales growth in 2022 (Headset) 
6. Purchases for all legal age groups are returning to pre-pandemic levels after a rise in sales during 2020-2021 (Headset) 
7. Gen Z and Millennials report using recreational cannabis products instead of alcohol (Springbig)
8. Year-over-year cannabis sales are declining in mature markets like California, Oregon, Washington, and Colorado (Headset)
9. Average retail cannabis prices fell about 20% from 2021 to 2022 (Flowhub)

Marijuana’s economic impact

In 2022, the total economic impact of the cannabis industry was nearly $100 billion (Marijuana Business Daily, 2022). That includes workers in cannabis-related jobs from growers and budtenders to legal consultants, marketers, and bookkeepers. Tax revenue from the industry is funding public health and infrastructure initiatives at the state level. Overall, the industry is expected to continue having a positive impact on the local and federal economy.

1. In 2022, tax revenue from legal cannabis ranged from $18.9 million to $517 million per state, and over $11 billion nationwide (Urban Institute, Marijuana Policy Project)
2. The legal cannabis industry supports more than 428,000 jobs nationwide (Flowhub)
3. The total employment potential in a mature U.S. legal cannabis market is approximately 1.5 million to 1.75 million workers (Leafly) 
4. The total economic impact of the cannabis industry in 2022 was nearly $100 billion (Marijuana Business Daily) 

Investing in the future of the cannabis industry

Ready to start investing in legal cannabis? Stash can help you make a plan today so you can work toward building wealth for tomorrow. Like any kind of investment, the cannabis industry can be risky. But with the right approach for your risk tolerance level and financial goals, you might make cannabis investments a part of your diverse portfolio.  

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The post 56 Cannabis Industry Statistics to Know in 2023 appeared first on Stash Learn.

New Jersey was one of four states that legalized marijuana for recreational use during the 2020 election via ballot measures. And on April 21, 2022, the first cannabis dispensaries in the state opened. At those locations, consumers can purchase up to one ounce of marijuana, up to five grams of oils, resins, or concentrates, or up to 100 milligrams of edible marijuana-infused products. 

Increasingly, states are legalizing marijuana for medicinal and recreational purposes. Here’s the latest on cannabis laws across the U.S, and what those laws mean for the legal marijuana industry’s growth. 

Where marijuana is legal

In addition to New Jersey, Montana, Arizona, and South Dakota also voted to legalize marijuana for recreational use in the 2020 election. South Dakota’s courts, however, overturned the legislation. Marijuana for medicinal use is still legal in the state. 

California was the first state to legalize marijuana for medicinal use in 1996. In 2012, Washington State and Vermont became the first states to legalize the plant for recreational purposes. Today, cannabis is legal for recreational purposes in 18 states and Washington, D.C. Marijuana is legal for medicinal use in 37 states. 

Marijuana on the national level

On April 1, 2022, the House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. The bill aims to decriminalize the use of marijuana on a federal level, and would also expunge convictions for marijuana possession, while placing a sales tax on the plant. Proceeds from those taxes would reportedly be reinvested in communities most affected by the criminalization of marijuana. 

The bill will now go to the Senate, where it must receive 60 votes to pass into law. However, the Senate is divided along partisan lines, meaning it could be difficult to get enough votes to pass the Senate. Despite this standstill, roughly two-thirds of Americans support the legalization of marijuana nationally.

Investing in the legal cannabis industry

The legal cannabis industry includes companies that grow, package, and distribute marijuana and hemp, as well as cannabinoids such as THC, which is psychoactive, and CBD, which is not. The cannabis and hemp industries also include businesses that make chocolates, gummies, and oils containing cannabinoids. 

Additionally, businesses that support or make the materials used by cannabis businesses are part of this industry. These include agriculture machinery, packaging, dispensaries, and professional services companies, among others. Kush Bottles, for example, makes storage containers where people can keep legal cannabis. 

Although marijuana isn’t technically legal on a federal level in the U.S., you can still invest in cannabis. Some cannabis companies are listed on exchanges in the U.S. but operate out of places like Canada, where cannabis is legal. You can invest in single stocks of companies such as Aurora Cannabis, Canopy Growth, Cronos Group, and Tilray as single stocks on Stash. Corporate Cannabis, an ETF available on Stash, includes shares of Canopy, Tilray, and more.* 

Remember that a diversified portfolio should include investments in bonds, stocks, and exchange-traded funds across different sectors of the economy. Diversification can help you spread out the risk in your portfolio.

Find out more about the legal cannabis industry here.

The post How the Legal Marijuana Industry Could Change in 2022 appeared first on Stash Learn.

Gwyneth Paltrow sells candles, skincare, and wellness products under her brand Goop. Kate Hudson founded Fabletics to sell workout clothes to the masses. And Kristen Bell and Dax Shepard created Hello Bello, a line of environmentally friendly baby products. Recently, celebrities are diving into the cannabis industry, growing and selling their own products, such as cannabinoid oils, edible gummies, and joints.

This boom in celebrity cannabis businesses comes as more states legalize the plant. California was the first state to legalize marijuana for medicinal use in 1996. In 2012, Washington State and Vermont became the first states to legalize the plant for recreational purposes. Today, cannabis is legal for recreational purposes in 18 states and Washington, D.C. Marijuana is legal for medicinal use in 37 states. Most recently, in March, 2021, New York voted to legalize marijuana. 

However, on the federal level, marijuana is still illegal and considered a Schedule I controlled substance, which means that it’s classified with harder drugs including LSD, heroin, and peyote. But President Biden has expressed support for the decriminalization of marijuana and legalization for medicinal purposes on a federal level. 

In 2020, sales of legal cannabis totaled a record $17.5 billion, increasing 46% from the previous year. By 2026, the legal market is expected to grow further to $41 billion in yearly sales. While many celebrities have joined the legal cannabis industry in some capacity, here are six you may not know about:

Seth Rogen

In March 2021, actor Seth Rogen launched his cannabis and pottery business called Houseplant, first founded in Canada, in California. Seth Rogen is known for making “stoner” comedies such as “Superbad” and “Pineapple Express,” so it’s probably no surprise that he’s opened his own cannabis company. When Rogen announced his venture, he said in a tweeted video: “If you know anything about me at all, I am going to assume it’s that I really love weed.”

Rogen announced the U.S. launch on Twitter, where he has more than 9 million followers. Houseplant’s website crashed after Rogen announced it. Rogen has partnered with Canadian cannabis producer Canopy Growth, the same company that Snoop Dogg and Martha Stewart work with to develop their products. 

Snoop Dogg

The rapper Snoop Dogg might be one of Hollywood’s most notorious marijuana enthusiasts, In 2015, he started his cannabis line “Leafs by Snoop,” which is based in Colorado. Snoop Dogg founded his business three years after Colorado legalized marijuana for recreational use, becoming one of the first states to do so.

Snoop Dogg’s line can be found in several cities in Colorado. As part of the venture, Snoop Dogg has grown his own hybrid strains of marijuana called “Tangerine Man” and “Lemon Pie,” among others. Snoop Dogg also makes edible products infused with marijuana, such as chocolates and fruit gummies. 

Martha Stewart

Lifestyle guru and chef Martha Stewart—who has an “Odd Couple” friendship with Snoop Dogg—has a line of cannabis products as well. Snoop Dogg reportedly introduced Stewart to the company that has helped her create the line, Canopy Growth. 

Stewart’s cannabis products use cannabidiol or CBD, an ingredient that is found in cannabis but that doesn’t contain psychoactive properties, but has been known to help treat anxiety. While Stewart has said that she doesn’t use marijuana, she does use CBD to help her sleep. The CBD line features items such as lemon and blood orange flavored oils, gummies, and gels.

Willie Nelson

Country musician Willie Nelson built his marijuana business “Willie’s Reserve” in 2015. Nelson sells his brand in Colorado, California, Washington, Nevada, Arizona, Ohio, and Oregon. The parent company of Willie’s Reserve had raised $29.5 million as of 2018. 

Nelson is an avid supporter of the legalization of marijuana and has credited the plant with saving his life. Willie’s Reserve sells three different strains of cannabis, as well as pre-rolled joints, and vape pens. Nelson reportedly works with smaller farmers to grow the cannabis that he uses.

Jim Belushi

Comedian Jim Belushi started growing cannabis on a farm in Oregon more than five years ago. Belushi decided to sell a strain of his plant, named Blues Brothers after the movie in which his brother starred, at a dispensary in his home state of Illinois. He has two other signature strains of the plant named Belushi’s Secret Stash and Captain Jack’s.

The comedian sells his products under the name Belushi’s Farm in Colorado and California, in addition to Illinois. Belushi has said that he believes his brother John Belushi, who died of a drug overdose in 1982, would still be alive had he known about the reported medical benefits of marijuana. 

Jay Z

Rapper Jay Z developed a line of cannabis with California company Caliva in 2020. The line, which is called Monogram, divides the products into three categories: light, medium, and heavy. The strains are also numbered instead of named. 

In addition to starting his own line of cannabis products, Jay Z also works for Caliva as the company’s chief brand strategist. Additionally, in January, 2021, Jay Z said that he had started a fund aimed at investing in cannabis businesses owned by people of color. 

Investing in legal cannabis

Whether or not you live in a state where cannabis is currently legal, you can get in on the industry by investing in it. 

Although marijuana is currently illegal under U.S. federal law, you can still invest in legal cannabis.¹ Some cannabis companies are listed on exchanges in the U.S. but operate out of places like Canada, where cannabis is legal. You can invest in single stocks of companies such as Aurora Cannabis, Canopy Growth, Cronos Group, and Tilray as single stocks on Stash.² Corporate Cannabis, an ETF available on Stash, includes shares of Canopy, Tilray, and more. 

Remember that a diversified portfolio should include investments in bonds, stocks, and exchange-traded funds across different sectors of the economy. Diversification can help you spread out the risk in your portfolio. Diversification is part of our financial philosophy, the Stash Way, which involves regularly investing small amounts in a diversified portfolio, budgeting, saving for your goals, and more.

The post 6 Celebrities Lend Star Power to Legal Cannabis appeared first on Stash Learn.