Are you curious as to what is going on in the cannabis industry and where it will be going in the future? Have you thought about investing in the cannabis industry but want to know more about the latest statistics?
The marijuana industry has become a successful niche market in the United States. In 2016, the legal sale of marijuana generated billions of dollars in revenue. This year, the number is expected to grow exponentially due to increased interest from both consumers and entrepreneurs alike. One of the reasons for this growth is because cannabis-related products are easily available online, at stores such as Smoke Cartel, and there are even online shops that sell the actual flower itself.
It’s safe to say that this opportunity will continue to be profitable for investors seeking high returns on their investments while also providing benefits for society as a whole by reducing illegal drug trafficking and promoting public health initiatives such as education about responsible use of cannabis products. Here is the latest statistic about the cannabis industry in 2021.
The Industry Is Growing Fast
The very first thing to know about the cannabis industry is that it is growing at an incredible pace. Not only has there been a spike in consumers in general, but there is a more diversified user base now.
Research shows that both men and women of all ages have seen an increase in their usage of marijuana over the past few years, but especially this year. Not only is the industry growing in terms of the number of consumers, but it is also growing in what they have to offer.
Gone are the days of only having access to raw weed and rolling papers. This growth has shown that the increased use of technology in the world has influenced the growth of the industry as well.
Many People Support Legalization
One of the biggest reasons why the cannabis industry has seen such a big growth spurt over the past few years is because of the number of people who are in support of legalization.
In most places around the world, cannabis has officially been legalized for medicinal use. Give that you have a prescription and buy from a registered dispensary.
However, moves have been made, and since 2012, more and more countries have started legalizing and decriminalizing the use of marijuana for recreational purposes. With that said, more and more people have started to experiment with the drug, or even just enjoy it with peace of mind.
Many Products Are Available
Going back a couple of decades, the only products that people could eally get their hands on, or even the only products that were around for consuming cannabis, were joints, edibles, and bongs.
While these are all still commonly used consumption methods, the cannabis industry has taken advantage of what technology has to offer and introduced it in the form of new consumption methods and a multitude of different products.
These days you can not only find a variety of different bongs and edibles, but also newer products like vape pens and dry herb vaporizers, dab rigs, topical products like ointments and creams, tinctures, beverages, and so much more.
Many States Have and Will Legalize
When it comes to the United States, the laws become a bit more complicated, and cannabis laws change from state to state, meaning that some have already legalized the use of cannabis while others still call it illegal.
Gradually, one by one, each of the states started to catch on and legalized as well as decriminalize the use, possession, and sale of cannabis products, in small amounts. As of 2021, 17 states in the US have fully legalized the use and sale of cannabis. While the rest have either partially legalized it or have not even come around the idea of accepting it.
Updated Usage Statistics
When it comes to the usage of cannabis, this is yet another statistic that we have seen a massive spike in. If we make our way through the generations for recreational use, you will notice that 22% of Americans between the ages of 18 and 25 have used marijuana just in the past month alone.
Research shows that in 2021 roughly 47% of Americans over the age of 26 consume marijuana, and for those between 18 and 25%, around 51% consume marijuana.