Top Cannabis Industry Statistics To Watch From 2024
The cannabis industry is booming at an unbelievable rate. Every year, a new development or trend pops its head. In 2024, the global cannabis market continued in the upward course due to the changes in legislation, consumer demand, and innovation. Below, the article talks about the cannabis statistics we got from 2024 that everyone interested in the industry should see to be aware of.
Global Cannabis Market Growth
Expected Market Size
The global cannabis market crossed $90 billion in 2024, much more than the previous years. This happened due to the sale of recreational and medicinal cannabis and growth was being driven by North America.
Regional Outlook
- United States: Further legalization of new states led to $50 billion of the total value; likewise, sound consumer spending also accounted for this part of the total value.
- Europe: The medical cannabis program of Germany and U.K. went further at a 30% annual growth rate.
- Asia-Pacific: Although it is still at an infant stage, Asia Pacific jumped and slowly became a new leader for cannabis legalization in 2024 as recently the nation of Thailand became one of the first country in Asia-Pacific to legalize cannabis
Consumer Trends
Edibles & Beverages Demand rise.
The most fascinating statistic for cannabis from 2024 was in the edibles and beverages segment, because product categories captured nearly 20% of cannabis sales by the end of the year, which reflected consumer preference for discreet and convenient methods of consumption.
Wellness Segment Growth
The more the inclusion of cannabis into the wellness sector, the rise of products such as CBD oils, topicals, and supplements occur. The boom in the sector of wellness cannabis will take place at a compound annual growth rate of 25% during 2023-2028.
Economic & Job Development
Job Creation
The cannabis industry is one of the most rapidly paced industries that produces employment. In 2024, the United States alone supported more than 700,000 jobs in this industry. As far as cultivation, all the way to retail, research to marketing, these were pretty wide prospects for the sector.
Tax Revenue
By the end of 2024, the United States generated $15 billion in tax revenue from the selling of legal cannabis. That sounds pretty clear on what is in store with legalization: state and federal governments collected taxes.
Status Updates On Legalization
New States & Countries Approve Legalization
Momentum built into 2024 as more U.S. states- including Oklahoma and Minnesota- joined the ranks of those fully legalizing recreational cannabis. Elsewhere around the world, Mexico and Colombia finish regulations over legal markets to create even more investment and trade opportunities.
Decriminalization Movements
Apart from legalization, other nations adopted decriminalization of possession of cannabis. This phenomenon curbed rates of imprisonment and created room for further acceptance of the vice.
Precision Agriculture Technologies
The latest technologies are revolutionizing cannabis farming. The precision farm technologies, which include AI-based monitoring systems and automated irrigation systems, yielded 15-20% higher profit by 2024 along with the quality and consistency of crops.
Blockchain For Supply Chain Transparency
Blockchain technology is currently rapidly expanding in the cannabis industry that provides a crystal clear record from seed to sale thus transparency and security, regulatory compliance wins customers.
Challenges Of The Industry
Regulatory Challenges
There still are many problems, the main and huge problems in this industry notwithstanding; their booming is somehow overshadowed. The most significant difference relates to state and national government regulations; for example, its lack in the US renders interstate commerce and bank accessibility uncertain.
Overproduction Problems
For instance, some markets became too oversold in 2024 that compression of prices were at a rate where growers could not conveniently make money and became very critical in balance.
Investment Trends
Venture Capital & M&A Activity
The cannabis sector became a highly attractive sector in venture capital and M&A activity. More than $10 billion raised in investments in 2024 through innovative startup companies and market consolidation.
Performance Of Cannabis Stock
Cannabis stocks surged in 2024 when investor’s confidence will increase due to the growing legalization and profitability. MSOS ETF is the first big indicator to follow-the ticker symbol for cannabis stocks.
Cannabis Sustainability
Cannabis has recently become a trending topic; there’s talk about sustainability. Expect companies in the cannabis space embracing energy efficient methods of cultivation and biodegradable packaging for cannabis products to catch up with market demands.
Carbon Emission Reduction Goals
The cannabis industry also focuses on its carbon footprint. Major players set a very aggressive target to reduce emission by 50% by 2030, and took incremental steps in 2024.
Conclusion
The marijuana industry won a few great victories in terms of growth and technology as well as sustainability in 2024. The cannabis industry exponentially grew with new developments and trends arising every year. This all became possible because of legislation, increased demand, and innovation. Consequently, the global cannabis market kept on surging higher in cannabis stats 2024.