Fascinating Statistics and Figures About the Cannabis Industry | Herban Planet

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Fascinating Statistics and Figures About the Cannabis Industry

 

Cannabis is no longer a taboo. The fight for legalization and scientific evidence that supports the medical use of this plant launched it to the top of the most discussed topics in the world. This comes as no surprise considering the ever-growing numbers in the cannabis market.

For example, did you know that the cannabis industry was worth an astonishing $13.8 billion in 2018? That makes it one of the fastest-growing industries in the world at the moment!

Even though it is not entirely risk-free, the potential benefits for some people’s health issues are making cannabis worth of research and legalization.

Cannabis Industry in 2019 and Beyond

Let’s begin with some basic statistics. There were 9,397 active licenses for cannabis businesses in the US alone, with 121,000 people employed in 2018. In general, budtenders prepare the cannabis plants for $8-12 an hour and sell at dispensaries for $14 an hour.

On the other hand, a PhD in biochemistry and a background in engineering are necessary to be able to extract THC and CBD from cannabis for the purpose of producing oils, concentrates, edibles, and other cannabis-based products.

According to some predictions, botanists, chemists, and pharmacologists are the next generation of master growers and lab directors. The entry level for growers is around $40,000 a year for horticulturalists and $60,000 for botanists.

When it comes to pharmacologists, they start at around $40,000, but they could reach to $100,000 if they are working for several dispensaries. The most interesting fact? In 2018, 36% of the executive positions were held by women, compared to a mere 15% in other industries.

Speaking of cannabis use statistics and numbers, according to a recent report by the United Nations, over 3.8% of the world’s population is using it. That makes it around 158.8 million people!

Another report shows that in the US, one in seven adults is using cannabis, out of which 24% are young adults. Something that you might also find fascinating is that US seniors are the fastest growing group of new cannabis users. Legalization, in general, has helped a lot with this.

Cannabis vs Tobacco

How does cannabis use stand when compared to tobacco? Believe it or not, in the US, there are more cannabis than tobacco smokers! On a monthly basis, around 37 million Americans are using cannabis in some form. This should not be a surprise, especially after a recent survey that showed that cannabis had helped 92% of the people to deal with specific medical conditions.

In comparison, smoking statistics confirm consuming tobacco brings only risks and no benefits. Cigarettes can only make your medical problems worse.

Legalization Stats

In 2014, eight out of ten doctors supported the idea to legalize cannabis nationally. In 2018, 90% of Americans supported the legalization of medical cannabis. It’s interesting to note that medical cannabis users usually make purchases every ten days, and they spend $136 per transaction.

On the other hand, recreational cannabis users make purchases every 14 days and spend $49 per transaction, on average. According to a 2018 report, the medical cannabis industry was worth $5.1 billion and the recreational cannabis industry $3.2 billion.

Future Trends

The cannabis market is expected to grow 21% every year. The prices are expected to drop by 35-50% due to oversupply, but even then, it is expected that spending on legal cannabis will reach $57 million throughout the world!

Does this seem like a lot? How about the fact that with a budget of $1.3 trillion in health care, Europe is expected to become the largest medical cannabis market in the world by 2027?

Conclusion

As you can see, the cannabis industry is full of mind-blowing facts and statistics. If you want to know more, take a look at the infographic below. It has information about everything in the cannabis industry, from general stats and facts to the cannabis market, industry trends, and employment rates.

 

By Bojana Petkovic  

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