Career Tip 004: Market Size Matters. Know your Numbers.
Nothing in this post is a recommendation.
Global Cannabis sector now at $90B+ market and growing. Global Botanical Supplements is $24B+ market and growing. Global Yoga market is at 37.B+ and growing.
When people say your dreams are silly…just tell them the size of the market you’re going after, laugh in the face of such ridiculousness, and do not look back!
Market size will help you understand the reality around your dreams and more importantly, to defend them while peaking curiosity in your adversaries. While sometimes markets grow, other times they splinter into different sectors of the same industry. As women we are naturally drawn towards certain industries. Healthcare, hospitality, textiles, beauty, and many others, are all constantly on our radar. We’ve been infiltrating and supporting them as long as we have been allowed to work. It is time we take a larger piece of the pie in the sectors we are interested in and devoting our lives towards growing.
Look at healthcare and the wellness industry. Look at how disruptive preventative medicine and lifestyle is. I hope lifestyle change will totally disrupt the disease oriented healthcare industry. Now think about wellness from a plant perspective. How many sectors can be touched by the botanical wellness world?
With the Cannabis industry at $90B+ and growing, it is important that we pay attention to sectors like this and to how and why they are growing. The US Bureau of Labor Statistics lists most of the industries in the US by size here. How much room is there in our society to stop treating people in our culture with opioids, literally murdering people by the hundreds of thousands a year. How much longer will we allow doctors to prescribe us medicine intended for acute pain treatment intended to just keep us alive for short term time periods, not long term treatment. How long until we take a good hard look at the data that supports moving people onto plants? They are our perfect counterpart to existence in this oxygen/carbon based world we live in! Plant power makes sense to millions of people at this point. This is one industry that I want to see win in business. This is why I got certified in Permaculture Design. It matters what we do with our time, and we can change the world, if we use our time right and know the numbers.
If we analyze the sectors that are close to our hearts, we can figure out how to participate, disrupt, and grow these industries. Women now make up more than half of the workforce in the US. This is a huge opportunity to affect the future positively. It’s time we take more than half of the C-suite and more than half of the profits as well, so that we can help rebuild this broken system we find ourself in at every turn. It is important as innovators and as women that we understand the metrics around industry sizes in the countries we live in. For Americans, we have a land of opportunity and crony capitalism to work with. While niche markets can quickly become saturated, there is always a curve to being involved, which is why we must pay attention and be brave. If you can get in early enough, you can not only participate as a creator but as an investor in future ideas once you create and successfully exit whatever you build, if that is your goal. Whatever your goals, the sky is the limit. Just make sure you know the size of the limit…and then break through to the other side of the wall or up through the ceiling - with all your glory and might and intelligence to work in a sector that matters, size wise.
The following is an article from this link about the Cannabis industry. If you’re interested in a sector, just look it up. But also, women, Cannabis. Pay attention to the plant world. It is calling to us for more market share. I found the information wonderful and inspiring and I hope you will too.
21 Astounding Cannabis Industry Statistics for 2020
By: Darco Jacimovic, for Cannabis Offers
The cannabis industry is growing in both market size and value. It’s currently booming all across the world, and the latest cannabis industry statistics we’ve collected for you provide ample proof.
However, it’s incredibly hard to measure how much investment goes into this market or the size of the advertising and marketing budgets.
What’s more, the fact that cannabis is illegal in so many states indicates that most of the sales revenue comes from the illicit market.
Let’s take a look at where this industry’s been and where it’s headed.
Cannabis Industry Overview Statistics (Editor’s Choice)
67% of Americans believe marijuana should be legalized.
87% of the total sales revenue came from the black market.
As of 2020, there are 243,700 legal, full-time cannabis industry jobs.
US cannabis workers report a 10.7% higher median salary than the national one.
33 states have approved marijuana for medical uses.
Legal marijuana sales are projected to reach $22 billion by 2022.
Cannabis sales are expected to top medical sales within the next two years.
The cannabis market will be worth $73.6 billion by 2027.
Marijuana Legalization Statistics
1. 67% of Americans believe marijuana should be made legal.
Two-thirds of Americans publically state they think marijuana should be legalized. This is a huge increase in the number of people who offer cannabis legalization support, as the figure stood at a measly 12% in 1969. (Pew Research)
2. 33 states have approved marijuana for medical uses.
Marijuana is still illegal by federal law. However, medical marijuana legalization statistics show that 33 states have approved its use for medicinal purposes. Oklahoma is the latest and one of the most conservative states to legalize its use. (ABC News)
3. The cannabis market in the state of California amounted to $5.6 billion.
Taking into account these statistics on recreational marijuana sales by state, we can see that California recorded the highest earnings.
The market size for both legal and illicit cannabis varies for different states, as these stats show.
A different study on marijuana market research puts California in first place as the top-selling marijuana state with $3.1 billion in sales generated in 2019 in a legal manner.
Colorado occupies second spot with $1.6 billion earnings from sales, almost half of what California generated in 2019.
There aren’t conclusive reports for medical marijuana sales by state, although Colorado is reported to have generated about $0.3 billion in medical sales. (Statista)
4. Legal marijuana sales are projected to reach $22 billion by 2022.
The increase in legal sales will make the economic impact of marijuana legalization tenfold.
As tax revenues are projected to increase, there will be lots of investment opportunities as well as job growth. (Fool)
5. 11 states have made marijuana legal for people over the age of 21.
As of January 1, 2020, the sale of marijuana is now legal in 11 states, with Illinois currently the latest state to pass appropriate legislation. The other ten states where marijuana is legal are Michigan, Maine, Massachusetts, Vermont, Washington, Oregon, Nevada, California, Colorado, and Alaska. (Business Insider)
6. The cannabis market is estimated to be worth $73.6 billion by 2027.
The global legal cannabis market is projected to be worth a whopping $73.6 billion within the next seven years.
Its expected legalization is expected to promote growth, especially for medical and recreational uses in adults. (Grand View Research)
Which brings us to…
Cannabis Industry Growth
7. The cannabis industry worth was estimated to be around $14.9 billion in 2019.
In 2019, sales grew by an astonishing 45.7% compared to the year before. And if estimates are correct, we can see further incredible growth of 38.8% in 2020. (BDS Analytics)
And if that wasn’t enough…
8. The marijuana industry worth is expected to reach $82.9 billion by 2025.
With a revenue share of 62.9%, the marijuana industry isn’t going to stop increasing its value anytime soon.
Quite the contrary, in fact. Marijuana market value in 2019 based on product type and market share revenue was estimated at around $9.1 billion. (Grand View Research)
9. Cannabis sales are expected to top medical sales within the next two years.
According to the latest medical marijuana industry statistics, cannabis is expected to overtake medicine in terms of sales.
Recreational cannabis is expected to reach $14.8 billion in sales by that time. (Fool)
10. The United States marijuana market is estimated to be worth approximately $52 billion.
If you’re wondering exactly how much is the marijuana industry worth, the answer will depend on the market.
With that in mind, the US market remains the largest marijuana market, with reported figures of $52 billion worth. (INC)
Which brings us to address the next stat:
11. 87% of total sales revenue came from the black market.
The same medical marijuana revenue statistics indicate that only $6.2 billion came from legal sales.
This leaves an astonishing $46 billion in illicit sales. (INC)
Cannabis Market Size
12. As of 2020, there are 243,700 legal and full-time cannabis industry jobs.
The expanding industry has created over 33,700 additional jobs across the nation. According to these cannabis industry employment statistics, that’s a 15% increase from 2019. (Leafly)
13. Colorado is the state with the highest number of open dispensaries (515).
The US cannabis market size is looking to increase, as more and more states project an increase in legal dispensaries to meet the demand for medical marijuana.
Colorado and Ohio have the largest number of dispensaries, while California and Michigan record the highest number of marijuana patients. (Statista)
14. The average dispensary income is reported to be $3 million per year.
These are outstanding figures, especially since only 9% of all small-business across the United States report more than $1 million in annual revenue.(Statista)
And now, let’s see what it takes to run a dispensary:
15. The annual operating costs for a dispensary amount to $1,92 million.
According to these marijuana dispensary statistics, in order to successfully operate a dispensary, you need just shy of $2 million every year or about two-thirds of your projected annual revenue. (Statista)
16. The cannabis market growth is expected to be about 21% per year.
Despite all the obstacles and challenges the cannabis industry is facing, projections estimate a steady growth rate in the years to come.
One in five Americans is using cannabis, and this number is only going to increase, further emphasizing the need for more operating dispensaries. (American Cannabis Consulting)
17. Cannabis workers report a 10.7% higher median salary compared to the US median salary.
According to these reports, the median salary in the cannabis industry amounts to $58,511. In comparison, the median salary in the US is $52,863 per year.
It’s safe to say that marijuana has a significant economic impact, as we can see a considerable difference in income. (Marijuana Business Daily)
Cannabis Sales Statistics
18. The average price for an ounce of marijuana is $319.
(Statista)
According to these cannabis industry statistics, the price for an ounce of marijuana is going to triple by 2021. The average price for an ounce in the US in October 2019 was $319.
The District of Columbia recorded the highest price at $595 per ounce, followed by Illinois ($353.15) and Connecticut ($332.83). (Statista)
19. On average, people spend $25 to $30 per trip to a cannabis retailer.
Marijuana usage statistics indicate that only 8.2% would spend more than $100 when visiting a marijuana retailer.
The average amount most people spend stands at $25 to $30 per trip, and an identical number spend even less than $10 on a singular item. (Forbes)
20. Sales of legal cannabis are expected to exceed $17 billion through 2020.
The US cannabis market in the US is increasing with each day, and the latest reports indicate a staggering $17 billion sales are expected for 2020.
However, it’s still a long way from the projected growth for illicit sales. Namely, cannabis industry statistics indicate about $62 billion will be generated from illicit sales in 2020. (New Frontier Data)
21. In 2019, a reported sum of $370.2 million was spent on internet display advertising.
According to these cannabis advertising statistics, that’s a whopping amount of money spent on advertising over the internet.
However, it’s good to note that the target audience for these ads is adults over the age of 21. Internet channels, especially social media, prohibit ad utilization for audiences below this age. (Dash Two)
FAQ
Q: What are the cannabis market trends?
Intense globalization and legalization of cannabis are already in effect, and there are different types of trends that will change the consumer’s experience.
With that in mind, here are some of the trends that will continue to evolve and shape the cannabis industry:
Social Consumption – reports indicate up to 41% consume before, during, or after social interactions.
Cannabis Beverage – there’s a precise rise in cannabis-based beverages, and sales are looking to skyrocket in the coming years.
Growth of CBD – cannabidiol has been widely praised for its health benefits, and it’s often used in the form of an oil.
Ageing Consumers – people in their 20s are considered prime candidates for cannabis consumption. However, older folks are also purchasing cannabis and are not targeted for advertisements.
Q: How do marijuana taxes work?
Marijuana sales are legal in eleven states. However, only seven states are legal and taxable, while four are only legal with no tax system in place.
What this means is that seven of these states tax the consumer for the purchase of marijuana, while four tax the transaction that occurs between distributors and cultivators.
The seven legal and taxable states are Alaska, Colorado, Oregon, California, Washington, Massachusetts, and Nevada.
The four legal states with no tax system are: Maine, Vermont, Michigan, and Illinois.
Bottom Line
What these mind-blowing cannabis industry statistics indicate is that the industry has been gaining momentum, especially in the last few years.
However, with the substance still illegal on a federal level, all those who want to start a business should do so with caution.
We can’t deny the fact that this industry has yet to reach its full potential.
So, if you’re looking for a career opportunity, this may not be the worst idea. As long as you stick with the legal part of it, of course.
Sources:
What are some of your favorite stats? Let us know at support@atheneumcollective.com.
