Market Size - Cannabis Dispensary Market: United States
The United States cannabis dispensary market size was $10 billion in 2018, and the market is predicted to reach $30 billion by 2024. The number of licensed dispensaries in the United States grew from 2,590 in 2017 to 3,229 in 2018. The United States legal marijuana market was worth between $20 billion to $23 billion in 2017.
THE UNITED STATES CANNABIS MARKET OVERVIEW
- According to Global Market Insights’ report, The United States medical marijuana dispensaries market recorded $2.144 billion as sales revenue in 2017.
- 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. The market is expected to reach $30 billion by 2023.
- Medical cannabis sales revenue at Illinois dispensaries was $133 million in 2018, 55% increased from 2017 sales revenue.
- In 2017, the United States medical marijuana market size was over $3.5 billion, and it is forecast to grow at CAGR of 13% from 2018 to 2024.
- According to Marijuana Business Factbook, the United States legal marijuana market size was between $20 billion to $23 billion in 2017. The market is projected to reach $77 billion by 2022.
- Over $10 billion was invested in the United States marijuana industry in 2018.
- The market size of the United States marijuana industry as of 2016 was estimated to be $52 billion, illegal (black) market accounted for approximately 87% of the sales.
- 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.
- The retail dispensing sales of legal recreational cannabis is predicted to reach over $26.7 billion by 2024, while 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 about 300%, i.e., from $8.4 billion in 2018 to over $24.7 billion by 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%.
THE UNITED STATES CANNABIS DISPENSARIES MARKET SIZE AND ANNUAL GROWTH RATE (%)
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%)
NUMBER OF CANNABIS DISPENSARIES IN THE UNITED STATES
- According to Sativant, there were 1,700 medical cannabis dispensaries in the United States as of 2017. Colorado, Ohio, Oregon, Maryland, and Arizona had over 500, 400, 345, 102, and 99 dispensaries respectively to emerged top five states in the United States with the most dispensaries.
- The number of licensed dispensaries and retailers in the United States grew from 2,590 in 2017 to 3,229 in 2018, experiencing 25% growth from 2017 to 2018.
- The number of dispensaries in each state in the United States as of May 2017 are as follows: Colorado — 515, Ohio — 400, Oregon — 345, Maryland — 102, Arizona — 99, Illinois — 60, Nevada — 51, Pennsylvania — 50, New Mexico — 24, New York — 20, Massachusetts — 15, Maine — 8, Minnesota — 8, New Jersey — 7, Florida — 7, Connecticut — 6, District of Columbia — 5, Vermont — 4, New Hampshire — 4, Rhode Island — 3, Arkansas — 2, and Delaware — 1.
- The current number of cannabis dispensaries in New Mexico is 89, from 67 as of 2017.
- According to Oklahoma Medical Marijuana Authority (OMMA), there are about 1,450 cannabis dispensaries in Oklahoma.
TOP CANNABIS DISPENSARIES IN THE UNITED STATES
- 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.
Your research team has provided the requested information regarding the United States cannabis industry after a wide-reaching and thorough search through the United States cannabis industry authoritative agencies' databases, reports, and media sources such as Oklahoma Medical Marijuana Authority (OMMA), Cannabis Business Plan, Marijuana Business Daily, Arcview Market Research, Sativant, BDS, IBISWorld, Global Market Insights, and Business Insider. We used an Omni CAGR calculator, 121,000 (2017) as the initial value, 291,500 (2021) as the final value, and four years (2017 – 2021) as the number of periods, we estimated the CAGR from 2017 to 2021 of the United States cannabis industry workforce to be 19.23%. We also employed the formula (previous year value / present year value * 100) in estimating the annual growth of the United States cannabis industry.