New Theory Magazine visualizes the recent sales of legal marijuana in America with the release of the new infographic. It was just two years ago that the first ever recreational marijuana dispensaries opened their doors for business in Colorado, but ever since, the growth in the industry has been shocking!
In fact, CBS News even reported that “the growing acceptance and legalization of marijuana is helping the U.S. cannabis industry expand well beyond niche status,” with it’s forecast expected “to pump from $24 billion to $44 billion annually into the country’s economy by 2020.”
But, just how big is the market for legal pot?
Market for legal marijuana is a lot bigger than some would have ever imagined. According to Fortune, “a new report by a leading marijuana industry investment and research firm found legal cannabis sales jumped 17%, to $5.4 billion, in 2015 and they will grow by a whopping 25% this year to reach $6.7 billion in total U.S. sales.”
“While the drug remains absolutely illegal on the federal level, the tide of public opinion has been moving in favor of legal marijuana for years, according to national polls. A handful of states could become the latest to allow the sale of recreational pot following expected votes in November. Four states already have legalized recreational marijuana, and a total of 23 states have legalized medical marijuana,” the site explained.
“The huge jump in adult-use sales last year coincides with the first full year of recreational marijuana sales in Washington, which launched its legal recreational market in July 2014, as well as the beginning of legal sales in Oregon last fall,” explained Fortune. Meanwhile, 2015 recreational sales in Colorado had already increased by almost 68% year-over-year after only 11 months.”
Who are the consumers of legal marijuana?
- The average recreational marijuana consumer is 37 years old
- Marijuana dispensaries serve customers 21-95
- The average marijuana consumer spends $33 on weed per trip to dispensary
- Weed smokers spent $645 on average in the last year buying pot
- There are more than twice as many men than women in the customer loyalty program
What can we expect for the future of legal sales of marijuana?
For future legal marijuana sales in America, Fortune reports that “well-established medical pot markets in states like California still account for much of the country’s legal marijuana sales,” ArcView Market Research says that “recreational marijuana sales is expected to help fuel the cannabis market’s soaring growth over the next few years.”
“It projects that adult-use pot sales will account for more than half (53%) of the overall market by 2020,” Fortune explains, adding, “that would represent growth of more than 1,150% for recreational sales over the next four years.”