This massive number tells you all that you need to know about the growth potential of the cannabis industry. But to provide a bit more context, the global legal marijuana market was valued at just $17.5 billion in 2019.
This is an important sign of what’s to come. The younger generation is consuming CBD products at a very high rate. As more of them grow up and enter the market, we should see the total number of CBD users expand significantly.
Analysts aren’t the only ones who believe in the expansion of the cannabis market. This stat shows that North American companies are also investing heavily in the industry. That’s another sign that this industry is ready for significant growth.
CBD is one of the most popular cannabis products. This stat shows just how popular it truly is. Analysts anticipate that the annual revenue for CBD products will move pasts the $1 billion mark. That’s a big milestone and one that should occur very soon.
This is another jaw-dropping statistic that places a dollar value on the growth of the cannabis market. $22 billion in annual sales points to significant demand for legal marijuana products in the marketplace. It’s a number that should only continue growing as the legalization process in the United States gathers steam.
This is a very telling piece of information that highlights how important marijuana dispensaries have already become. They were one of the few types of businesses that were allowed to remain open during the height of the Covid-19 pandemic. That confirms that legal marijuana has already become a very important institution in this country.
This is the week that the Covid-19 pandemic really took off and people were beginning to stay home instead of going into the office to work. The fact that there were this many new requests for medical marijuana licenses is very telling. It shows that more and more people are interested in purchasing marijuana legally -- especially when they anticipate having some extra free time.
The cannabis industry isn’t just going to make businesses and entrepreneurs a lot of money. It’s also going to employ literally hundreds of thousands of people. This stat makes that fact more concrete.
This just shows how much business the average cannabis dispensary is already doing. Some dispensaries are processing even more revenue than this. As the market grows, this number should as well, though it’s already surprisingly high.
This stat demonstrates how much interest there is in the cannabis industry on the employee side. People across the United States have a significant interest in being a part of the cannabis industry’s boom. So we shouldn’t expect to see any labor shortages limiting the sector’s growth anytime soon.
Cannabis is already big business. But stats like the ones shown above demonstrate that it’s an industry that’s going to grow much more over the coming years. If you’re running a company that operates in this sector, then now is the time to begin carving out a niche for yourself. One of the best ways to do this is by optimizing your cannabis website. By making it easier for customers to find what they want, you can improve the rate at which you convert site visitors into paying customers. Onsharp can help you achieve that. We have a deep breadth of experience in improving websites for a wide variety of industries. So we know what it takes to make a cannabis website stand out.
Click on the button below to download the PDF version of this blog post. Feel free to print or share with your business colleagues, or send them a link to this article.