The marijuana industry has been a booming business in the past few years. The legalization of recreational and medical marijuana is becoming more prevalent with each passing day. There are many reasons why this industry is successfully growing, but one that stands out to many people is the economic benefits it provides for society. When people buy from these dispensaries, they get high-quality products at affordable prices which stimulate their local economy, and explain how now is a great time to enter the market, whether as a business or investor, and here are a few statistics that you should know.
Medically Approved States
One of the reasons why marijuana was legalized for recreational use in the first place was the fact that a few states initially legalized it for medicinal use. Today 36 states have legalized marijuana for medicinal use, which means that doctors can prescribe it to patients, or patients can get a medical license for it.
A few of these states include Montana, Florida, California, Arizona, Ohio, Washington, New Jersey, Oregon, and more. Even though it has been legalized for medical use, this doesn’t mean that it is prescribed for every medical condition, and the medical conditions it is legal for vary from state to state.
How Big Is the Market Now?
The marijuana industry is quickly becoming one of the most successful industries in the world and is currently worth around $61 billion and climbing. There are many factors for this, for example, there are many consumption methods that range from dry herb vaporizers to edibles, which can be bought online even at cannabis stores like Canna Cabana. There are also bongs, joints, dab rigs, and so much more, all easily available. This allows the industry to reach a wide audience that all have different preferences on how to consume.
More than this, 22% of adults (18-25 years old) in America have consumed marijuana in the past month, and if that age range were broadened, the percentage would increase.
Which State Is the Most Successful?
As with every market, some states will do better than others, and as the number of states that have legalized continues to climb, so will the competition. Prior market studies show quite a vast difference in sales across states, with the number one spot going to California with either $5.6 billion or $3.8 billion, depending on which market research is used.
Other states that are the top 10 include Colorado at $1.7 billion, Michigan at $1.21 billion, Florida at $1.2 billion, Washington at $1.1 billion, Nevada at $960 million, Oregon at $831 million, Arizona at $804 million, Massachusetts at $682 million, and Illinois at $543 million.
Recreationally Approved States
Just like the states across America that have legalized medical use, many states have legalized recreational use, and as of today, there are 18 states where to buy Super Speciosa Kratom. Even though marijuana has been legalized for recreational use, it doesn’t mean that there are no laws that pertain to how much can be carried or grown, and these also differ from state to state.
For example, in Colorado you can grow up to six plants at home and carry up to 1 ounce, however, in Alaska, even though you can grow up to six plants, three of them can only be flowering at any given time. In Oregon, you can carry up to 1 ounce, up to 8 at home, and grow a maximum of 4 plants.
How Much Is Spent on Advertising?
As it is with any market in the world, it cannot be successful without advertising, and the marijuana market is no different. However, the biggest difference between the marijuana market and others, is that marijuana is still illegal under federal law, which means that advertising it can be very difficult. This has not stopped the market, however, since $370.3 million was spent on advertising on the internet.
Many store owners have also started using social media to advertise, as well as starting blogs or writing blog posts to inform the public about marijuana, what it does, what consumption methods there are, and more. Guest blogging has also become a very effective method of advertising, however, the exact amount for any other kind of advertising is hard to ascertain with there being so many restrictions.