The marijuana market is growing by double-digit percentages and reaching new highs.
Key Details
- The marijuana market was worth about $21.5 billion in 2019—it is now worth around $64 billion, according to a report by Coresight Research.
- Marijuana sales continue to increase as more states work to legalize the once-banned product.
- As marijuana slowly becomes legal across the states, the use of it has been steadily increasing and more Americans are becoming open to the idea—sending sales skyrocketing.
Why it’s news
In 1996, California became the first U.S. state to legalize marijuana for medical use. Now, 26 years later, there are an abundance of states that allow the use of marijuana for medical purposes and some that also allow recreational use for adults.
In the last few years the weed industry has become more widely accepted and use is growing.
The marijuana market has tripled in the last three years bringing it from about $21.5 billion in 2019 to around $64 billion today, according to a report by Coresight Research.
In the report was a survey conducted on U.S. adults who spent money on marijuana last year and how much they spent, it found…
- Less than $100—74%
- $100 to $199—17%
- $200-$299—3%
- $300-$399—2%
- $400 or more—4%
The report also found that about two-thirds of users said they’ve increased marijuana usage since it was legalized.
Where is it legal?
In the U.S. 19 states, Washington, D.C., and Guam have legalized marijuana for recreational use while 37 states allow some form of medical cannabis use.
While the product still isn’t legal in all 50 states, most adults are in favor of legalization. In April of 2021, Pew Research Center found that 91% of U.S. adults are on board with marijuana legalization, with 60% supporting medical and recreational, and 31% supporting just medical. Only 8% of adults were against legalization altogether.
And today, President Joe Biden pardoned 6,500 people convicted of crimes having to do with marijuana and used language that hinted at further decriminalization of marijuana in the federal system.
