Market Size - Cannabis Dispensary Market: United States
In 2018, the market size of licensed cannabis dispensary industry in the US stood at $10 billion; further, it is projected to reach a valuation of more than $30 billion by 2024, registering a CAGR of 24%. In 2018, the estimated number of licensed cannabis dispensaries operating in the US was 3,229, registering a YoY growth of 25%.
MARKET SIZE OF CANNABIS DISPENSARY SALES IN THE US
- According to Marijuana Business Daily, the total retail sales of cannabis in the US will reach about $12 billion in 2019, registering a growth of 35% over 2018.
- In 2019, the retail sales of medical marijuana will generate a revenue of more than $4.8 billion, while that of recreational marijuana will be about $8 billion.
- According to a recent report by Arcview Market Research and BDS Analytics, the global licensed dispensary sales of cannabis will reach $40.6 billion by 2024, registering a CAGR of 24.5%. Additionally, the US will account for about $30 billion or 73% of the global cannabis dispensing market in 2024.
- It is projected that by 2024, the retail dispensing sales of legal recreational cannabis will cross $26.7 billion, whereas the revenue generated from the sales of medical cannabis will reach $13.9 billion.
- The retail sales of THC containing products from licensed dispensaries across the US will feature growth of nearly 300%, i.e., from $8.4 billion in 2018 to more than $24.7 billion in 2024.
- In 2017, the cannabis industry in the US employed a workforce of 121,000 full-time workers and was projected to employ over 291,500 workers by 2021, registering a CAGR of 19.23%.
- As on September 2018, there were about 3,229 licensed cannabis dispensaries in the US, up by 25% from 2,590 licensed dispensaries in 2017.
ANNUAL GROWTH (%) OF CANNABIS SALES ACROSS LICENSED DISPENSARIES IN THE US
- 2016-$6.6 billion
- 2017-$8.6 billion (30.3%)
- 2018-$10.5 billion (22.09%)
- 2019-$13.7 billion (37%)
- 2020-$19 billion (38.7%)
- 2021-$23.5 billion (23.7%)
- 2022-$27.4 billion (16.6%)
- 2023-$30.4 billion (10.95%)
DISTRIBUTION OF CANNABIS DISPENSARIES IN THE US
- California: 261 recreational dispensaries and medical dispensaries.
- Nevada: 61 recreational dispensaries and medical dispensaries.
- Alaska: 93 recreational dispensaries and medical dispensaries.
- Oregon: 560+ recreational dispensaries and medical dispensaries.
- Washington: 103 recreational dispensaries and medical dispensaries.
- Colorado: 520 recreational dispensaries and medical dispensaries.
- Massachusetts: 19 recreational dispensaries and medical dispensaries.
- Maine: 8 medical dispensaries.
- Arizona: 100+ medical dispensaries.
- New Mexico: 68 medical dispensaries.
- Montana: 50+ medical dispensaries.
- Minnesota: 8 medical dispensaries.
- Michigan: 100+ medical dispensaries.
- Illinois: 53 medical dispensaries.
- Florida: 27 medical dispensaries.
- Pennsylvania: 6 medical dispensaries.
- Maryland: 22 medical dispensaries.
- Delaware: 2 medical dispensaries.
- New Jersey: 5 medical dispensaries.
- New York: 19 medical dispensaries.
- Vermont: 4 medical dispensaries.
- New Hampshire: 4 medical dispensaries.
- Connecticut: 9 medical dispensaries.
- Rhode Island: 3 medical dispensaries.
- Washington DC: 8 medical dispensaries.
TOP CANNABIS DISPENSARIES
- Harvest Health & Recreation is a multi-state cannabis dispensary operating 142 retail stores across 17 states in the US. In 2019, the company signed an agreement with the Asian American Trade Associations Council (AATAC) to offer its branded CBD products across 10,000 gas stations and convenience stores in the US.
- Green Thumb Industries operate about 89 CBD dispensaries across 12 states in the US. The company operates under the brand of Rise and Essence retail stores.
- Acreage Holdings has 88 licensed stores operating across 20 states in the US. The company was recently acquired by Canopy Growth for $3.4 billion.
- MedMen Enterprises has 86 licensed stores operating across 12 states in the US. The company plans to open 30 additional stores in Florida.
- Curaleaf Holdings has nearly 45 licensed stores across 12 states in the US. The company plans to increase the number of dispensaries to 70 by the year-end.