The Significance of the Marijuana Industry in the Us

Introduction

The legal marijuana industry has been steadily growing in the United States over the past few years. It's now worth billions of dollars. It is also expected to grow even further in the coming years.

Some analysts predict that by 2026, Americans will spend more than $50 billion on legal marijuana products annually.

The United States is set to earn more than $50 billion from the marijuana industry by 2026.

According to a new report, the marijuana industry in the United States will generate more than $50 billion by 2026.

The cannabis-related market was worth $16 billion in 2017 and is projected to hit $21 billion in 2021.

The industry's growth will create 250,000 jobs by 2020 and generate an estimated $131 billion in economic impact over the next decade, according to New Frontier Data—a cannabis analytics firm based in Washington, D.C.

The weed industry in the U.S.

The weed industry in the U.S. is expected to create more than 250,000 jobs by 2024, an increase from the 100,000 jobs created in 2017.

The marijuana industry will generate $24 billion in economic impact by 2024 through products such as hemp clothing, and beauty products made using CBD (the non-psychoactive part of cannabis).

This economic impact is significant for those who work directly with cannabis plants, dispensaries, and other industries that rely on them.

For example, construction companies build warehouses to house growing facilities, and transportation companies provide transportation services for both growers and dispensaries.

California

In the United States, California is the 6th largest economy in the world. As of 2019, it has over 40 million people and is home to approximately 1 in 8 Americans.

Over time, California's cannabis industry has become increasingly crucial for the state. More than 10K cannabis companies are operating within this state today.

In 2016, marijuana was made legal for recreational use and had helped boost its economy significantly, with revenue from cannabis sales expected to reach $5 billion by 2020.

Washington State has the highest number of marijuana users.

What would you say if you could guess which state has the highest number of marijuana users per capita in the United States? Colorado? California? Maybe Alaska or Oregon?

If you said Washington State, give yourself a high-five. You're right! Not only does Washington have the highest number of medical marijuana users in the country, but it also has the highest sum of recreational marijuana users and combined medical and recreational marijuana users.

The average marijuana user spends more than $6,000 on weed every year.

That's a handful of money that could be spent on other things. For example, you could buy a car, pay down your student loans, save for the future, or even donate it to charity.

Unfortunately, the government loses out on all that tax revenue when pot users buy their weed on the black market instead of at state-licensed dispensaries.

But we don't have to accept this situation as permanent; we can help contribute to a more robust economy by buying legal and safe products from licensed businesses.

Some Americans spend more than $20,000 per year on marijuana products.

In the U.S., people spend more than $20,000 per year on marijuana products. Legal pot businesses bring in tens of billions of dollars yearly from legal sales. That's not including what they make from the black market.

The U.S. marijuana industry will soon be worth billions of dollars and generate millions of jobs.

Marijuana has been legalized in a number of states and countries, and the marijuana industry in the United States will soon be worth billions of dollars and employ millions of people.

The cannabis market is expected to generate billions of dollars in revenue annually by 2024, an increase from $5.4 billion in 2016. This rise will create about 250,000 jobs over the next few years.

The cannabis industry is growing rapidly due to its legalization across North America, Europe, and Oceania.

Canada became the G7's first member to legalize recreational use last October 2018, while many other European countries have decriminalized or legalized it for medical purposes only (Czech Republic).

Conclusion

The USA has a great history of embracing cannabis and its industrial applications.

The first state in the country to legalize marijuana was Colorado, followed by Washington State and California.

These states are now reaping the benefits of this bold decision, including millions of dollars in tax revenue and thousands of jobs created just last year alone.