The more we research the medical potential of the cannabis plant, the more we realize the positive effect it can have on our lives, especially if we are dealing with some kind of chronic medical condition. This is the main reason why cannabis is no longer considered a taboo and why more and more doctors are recommending it alongside regular medical treatments for certain conditions.
If you want to learn something more about the cannabis industry and why it is considered to be one of the fastest-growing in the world at the moment, read this interesting list of stats and facts that will, without doubt, make you think.
1. In 2018, the cannabis industry was worth $10.4 billion.
Out of these $10.4 billion, the medical cannabis industry was worth $5.1 billion, the recreational cannabis industry was worth $3.2 billion, the hemp industry – $820 million, and last but not least, the CBD oil industry was worth $202 million.
2. According to some estimates, 238 million people consumed cannabis in 2017.
This makes cannabis the most used drug throughout the entire world. A recent UN report states that 135 countries (92% of the global population) are involved in some kind of cannabis cultivation.
3. Americans spend around $40 billion per year on legal and illegal cannabis.
Just for comparison, in 2017, sales of both medical and recreational cannabis in the US were almost nine times higher than sales of all types of Oreo cookies.
4. The cannabis market is expected to grow 30% per year.
Spending on legal cannabis throughout the world will reach $63 billion! That said, according to some predictions, the recreational cannabis industry will cover 67% of the spending compared to the medical cannabis industry that will take up the remaining 33%.
5. Seniors are the fastest-growing group of cannabis users in the US.
In the last decade, cannabis use amongst people above 64 years old increased by 250%! This could be explained by the health benefits offered by medical cannabis for conditions that affect older people.
6. As of November 2018, medical cannabis is legal in 33 states and recreational cannabis in 11 states.
In 2018, 93% of American voters supported the legalization of medical cannabis. On the other hand, 55 million Americans, or 17% of the US population, are already using cannabis regularly.
7. Women hold 36% of executive positions in the cannabis industry.
In comparison, they hold only 15% of executive positions in other industries. Women are also well-represented in other divisions of the cannabis industry, like the testing labs, where they hold 63% of high-level posts!
8. With a budget of $1.3 trillion in health care, Europe will become the biggest medical cannabis market in 2027.
It is expected that Germany will be the leader of the European cannabis market, right next to Italy. This should cause prices to decline between 35% and 50% due to oversupply.
Conclusion
This is just the tip of the iceberg when it comes to the cannabis industry. There is no doubt that cannabis statistics will continue to shock us, considering how rapidly the industry is growing.
Have you heard more cannabis stats that you would like to add to our list? Feel free to share your findings in the comments below.