With large amounts of legalization across the nation, cannabis sales are reaching the levels of more established products and brands, and last year, Americans spent an estimated 10.4 billion dollars on cannabis, then that’s about the same as both of us spent at Taco Bell.
The amount spent on medical and adult-use cannabis has gone up by about two to three billion dollars in the past few years! It’s also about many times more than Americans spent on e-cigarettes.
As the industry continues to expand, it’s having a massive change on the economy. There are currently more legal cannabis-industry workers in this country than there are steelworkers. In 2018, the cannabis industry added 64,000 jobs. There are a number of reasons behind the industry’s very large growth spurt, but regulated adult-use sales commenced in CA, making it the biggest legal market in the country. Utah and Oklahoma have legalized medical cannabis. The public perception of marijuana and products such as CBD oil is quickly decreasing, and consumers properly spend about $900 million on Goldfish crackers and are spending $10 billion on cannabis. Cannabis products can’t actually compete with the $73.2 billion Americans spent on wine, but who knows what the future will bring in the future. Cannabis will likely surpass the $15 billion generated by the NFL last year. It’s without a doubt going to take a very long time to overtake McDonalds, which made nearly $36 billion, or alcohol consumption, which adds up to $254 billion. No matter how the numbers play out, cannabis is apparently a fast-growing industry. Hopefully, this will inspire further research into the medical benefits of both CBD and THC, then while several are interested in profits, there are a lot of people looking for relief from serious medical conditions.