Market Size - Cannabis Dispensary Market: United States

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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

TOP CANNABIS DISPENSARIES IN THE UNITED STATES

RESEARCH STRATEGY

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.
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  • "According to Trend Statistics, as of 2017, there were over 1,700 medical marijuana dispensaries open in the U.S. With over 500, Colorado had the most dispensaries. Rounding out the top five, Ohio had 400, Oregon had 345, Maryland had 102, and Arizona had 99. "
  • "Medical marijuana sales in 2017 totaled $3.2 billion, and there were over 28,000 cannabis businesses in the U.S. in 2017. Where did the majority of medical marijuana users purchase their cannabis? A 2016 poll showed that 61% bought from local dispensaries."
  • "According to statistics collected by Las Vegas Dispensary, legalized marijuana sales from 2016 showed a $6.6 billion dollar revenue from the combined total of recreational and medical marijuana sales, and the 2025 projected revenue was upwards of $24 billion."
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  • " The number of licenses issued has grown 25% since the start of the year from 2,590 to 3,229. "
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  • "U.S. Medical Marijuana Market size was valued over USD 3.5 billion in 2017 and is expected to witness more than 13% CAGR from 2018 to 2024."
  • "The U.S. medical marijuana dispensaries market segment generated value of USD 2,144.3 million in 2017. Increasing incidence of pain cases in the U.S. coupled with growing demand for medical marijuana is driving the segment growth. Moreover, dispensaries are authorized bodies abiding by the local government rules, hence maximizing the sales of marijuana through dispensaries."
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  • "In 2018 medical cannabis sales at Illinois dispensaries increased 55% versus 2017 and reached $133 million while increasing patient enrollment 66% over the course of the year."
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  • "There are 35 businesses are licensed to grow and sell medical cannabis in New Mexico, and they were growing 15,570 plants, up from 13,444 the previous year. Currently, there are 89 dispensaries are operating in the state, up from 67 in 2017. Most companies have one or two dispensaries, though the largest business in the state – Ultra Health – has nine locations."
Quotes
  • "As of May 23, 2019, according to Oklahoma Medical Marijuana Authority (OMMA) information, more than 5,000 cannabis business licenses had been approved, comparing to 2,200 in January. There are 785 processors, more than 2,900 growers and almost 1,450 dispensaries, with an approved patient pool of more than 100,000."
Quotes
  • "Retail sales of medical and recreational cannabis in the United States are on pace to eclipse $12 billion by the end of 2019 – an increase of roughly 35% over 2018 – and could rise as high as $30 billion by 2023."
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  • "Marijuana Business Factbook estimates the legal-marijuana industry's economic impact in the US was between $20 billion and $23 billion in 2017. It estimates the economic impact could reach as high as $77 billion by 2022."
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  • "In the 2019 "State of the Legal Cannabis Markets" report from Arcview Market Research and BDS Analytics, which was released last week, the duo calls for global cannabis sales in licensed dispensaries to rise from $10.9 billion in 2018 to $40.6 billion by 2024. That's a cool compound annual growth rate of more than 24%, and it's certainly enough to get Wall Street and investors excited about marijuana stocks."
  • "But at the center of this excitement is the United States, which projects to generate nearly three-quarters of the $40.6 billion to be collected in 2024."
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  • "Arcview and BDS Analytics also offer year-by-year breakdowns of global medical and recreational sales. After adult-use revenue hit $6.1 billion in 2018, to go along with $4.8 billion in medical marijuana sales, the duo will be looking for recreational revenue to expand to $26.7 billion by 2024, with an accompanying $13.9 billion in medical weed sales. "