101 Facts About Cannabis in 2023

8. In the United States, it's estimated that over 52 million adults will partake in cannabis consumption one or more times during 2022. This number takes into account both recreational and unregulated markets.
 

9. The market share of Generation Z has increased by a factor of two over the past two years (from 8.3% in the first quarter of 2020 to 15% in the last quarter of 2021), making them the group that has experienced the greatest growth.
 

10. In the US, managing stress (21.9%) and managing mental health (21.5%) are the two most often mentioned reasons for cannabis use.
 

11. Of the majority of US cannabis consumers, 55% admitted that their usage is both recreational and medicinal.
 

12. The number of frequent cannabis users has been growing steadily, and now 47% say they use cannabis products daily.
 

13. An overwhelming majority of 67% have declared that they consume this product regularly, more than once each week.
 

14. With substantially higher THC levels than ever before, modern cannabis has never been used before and has a greater psychoactive impact.
 

15. Compared to the 1960s and 1970s, when THC levels in smoked cannabis averaged only 3-7%, these days they are typically anywhere from 20-30%.
 

16. Some highly concentrated preparations, which are used for "dabbing" or vaping (heated vapor inhalation), can contain 60-85% THC.

 

17. Consumers can easily gauge a cannabis product's potency by simply reading its label.

Washington State mandates that all products must be clearly labeled with the exact levels of THC and cannabis they contain.

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​18. December 2022 marked a major milestone for advocates of cannabis legalization

Senator John Hickenlooper has recently taken a monumental stride in progressing the end of cannabis prohibition in America, by introducing an act that would provide federal authorities with financial and educational support to work within this emergent market.
 

The PREPARE Act will expedite the process of ending cannabis-related charges and promote a much smoother transition for all who may be affected.

 

19. After a dramatic price drop in 2022, the cannabis industry is bracing itself for a challenging 2023.
 

20. While the federal government remains hesitant to legalize it, individual states have approved its use which has created an overabundance of supply.
 

21. Despite historically high levels of consumption, there have been significant declines in some markets due to economic concerns.
 

22. The federal review that may abolish state-approved supplier tax penalties is not anticipated to be completed before 2024.
 

23. The staggering $20.47 billion industry for cannabis was predicted to exist in 2020.
 

24. The cannabis industry was valued at $28.26 billion in 2021, and by 2028, it is expected to reach $197.74 billion.
 

25. By 2026, the cannabis industry is anticipated to bring an additional $155 billion into the US economy.

Experts anticipate a massive influx of $100 billion in 2022, signifying an exciting financial opportunity for investors.

 

26. The cannabis market in California is currently bigger than the entire legal cannabis market in Canada.
 

27. North America dominates the global cannabis landscape, with its market share currently totaling an astonishingly high portion of all legal marijuana sales worldwide.

North America is dominating the global cannabis scene with a booming market - and there's no sign of slowing down! Around the world, demand for legal marijuana continues to skyrocket as people flock to take advantage of available products.

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28. The biggest cannabis multi-state operators (MSOs) in North America have raised $2.8 billion as of 2021.
 

29. The US cannabis retail market is expected to reach an unprecedented $33 billion within the year, with projections estimating a staggering growth of up to $52 billion in 2026.

 

30. Although women only constitute a third of the US cannabis market, they are driving sales forward with an increased 55% increase in 2021.
 

31. The US cannabis market experienced an incredible 71% growth in sales during the pandemic year of 2020, reaching a total of $18 billion.
 

32. The United States cannabis market made history on April 4th when it reported an unprecedented $175 million in sales 

A momentous milestone for what is commonly known as the most important day of the year, 420.

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33. 46% of US consumers, according to statistics from 2021, purchase their cannabis products directly from a dispensary.

 

34. Less than half (46%) of adults in the United States say they have ever tried cannabis.

According to the 2019 National Survey on Drug Use and Health, fewer individuals have used cannabis than those who report having ever consumed alcohol (80%) or tobacco products (61%).

 

A survey conducted in 2019 revealed that while many Americans claim they have tried cannabis, there are noticeably fewer current users. Only 18% of U.S adults reported they had used the drug within the last year and just 11% admitted to consuming it over one month.

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35. Cannabis operators leveraged technology to boost their profits and gain a competitive edge.

Cannabis has gone a long way from thriving in the dark to having access to cutting-edge technologies made just for it.

Companies are stepping in to fill the hole with creative solutions that support essential operational and financial operations because business technology is frequently off-limits. Some businesses have seized this chance to succeed with their products by seizing the lead.

 

36. Strengthening dedication to social justice and equity

Important advancements on this front came from various sources in 2022. Maryland and Missouri both legalized adult usage while including clauses to further important social justice objectives for the sector.
 

President Biden made a progressive statement on marijuana policy reform on October 6 in which he emphasized three very important objectives.

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37. In 2023, social justice initiatives are forecasted to remain the main focus of the cannabis industry.

 

38. By 2023, the Cannabis market is expected to skyrocket with a predicted US$47.20bn in revenue.
 

39. Projected to display an annual growth rate of 12.69% (CAGR 2023-2027), the revenue generated within this market is expected to reach a total volume of US$76.12bn by 2027.

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40. In an international comparison, the United States will be at the forefront of revenue generation; estimated to hit US$32,870.00m in 2023.

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41. Starting on July 1st, 2023, any adult of 21 years and over can possess up to the "personal use amount" 

In other words, you can have 1.5 ounces of cannabis flower, 12 grams of concentrated cannabis extracts, or a total THC amounting to 750 mg in other forms.

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42. As of 2022, the majority of Americans (77%) reside in a state where cannabis is legalized either for medical or recreational use.

With 37 states now allowing for either medical or recreational (or both!) cannabis use, marijuana is becoming more commonplace each day.

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43. The state of Texas, making up approximately one-third of the US population, currently has no access to legal cannabis.

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44. With 18 US states expected to legalize cannabis by the end of this decade, a remarkable 96% of Americans will have legal access to the plant.

This would make recreational and medical cannabis accessible to an unprecedented amount of citizens across America in such a short period.

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45. 77% of cannabis users believe that cannabis use should be legalized in public areas.

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46. The US cannabis sector currently employs more people than barbers, hairdressers, and cosmetologists combined.

 

47. In 2019, analysts predicted that if cannabis was legalized across the United States, it would create more than 1.6 million jobs by 2025 and generate nearly $60 billion in wages.

This growth could provide a powerful economic boost to our nation and possibly usher in a new era of prosperity for many.

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48. Over 280 new jobs are being added by the cannabis business every single day in 2021.

California is leading the way when it comes to cannabis employment, boasting an impressive 83,607 jobs in 2021.

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49. Studies have shown that the cannabis market is still growing rapidly and shows no signs of slowing anytime soon.

The pandemic has not hindered the sales or popularity of cannabis products, signaling to ambitious entrepreneurs and businesses alike that entering the flourishing cannabis industry is a worthwhile venture.

 

50. As more states continue to legalize marijuana use, the staggering $52.5 billion worth of cannabis that was consumed in the United States alone in 2017 is only projected to rise.

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51. The cannabis industry is projected to add approximately 250,000 full-time job openings between 2020 and 2024.

This industry is on the rise and its numbers indicate an amazing level of progress.

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52. By 2024, the U.S. cannabis industry has the potential to generate a massive economic impact of approximately $130 billion every year.

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53. The current total revenue of cannabis sales has exceeded the NBA’s annual U.S. income, and could even exceed Americans' expenditure on craft beer by 2024.

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54. Cannabis businesses contribute hundreds of millions in state and local taxes, helping fund various projects like roads, rural hospitals, or educational programs.

This tax revenue has been instrumental to the success of many regions across the country.

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55. As more states progress towards legalization, new studies demonstrate that the joint sales of cannabis for recreational and medical purposes are projected to top $35 billion by 2025.

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56. The Cannabis industry in the U.S. is projected to become an immense economic powerhouse, with estimates of reaching $100 billion by 2030.

Signifying that this sector is guaranteed to continue its remarkable expansion curve.

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57. Capital markets proved resilient for cannabis

A prevalence of news focuses on a downturn in the availability of capital for the cannabis industry. However, down does not mean out. Investors with an affinity for cannabis continue to see opportunities amid the challenges.

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58. Cannabis presented different market opportunities for investors

Technology and cannabis were two of the most negatively impacted industries in 2022 due to the stock market. Even though their market caps both saw big drops, the fundamentals of the cannabis industry dictate that it should be viewed differently by the market than other sectors.

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59. Substantial market consolidation

After the cannabis industry experienced a huge boom during the lockdown periods of COVID-19, it seems this prosperity has dissipated. States like Colorado and Washington with well-established recreational markets have been struggling to deal with price drops.

 

With more mature markets already saturated in adult-use sales, companies are feeling the pinch and having to downsize. 

Cost-cutting measures may not be enough for some – In a corporate landscape where big businesses are seizing licenses from those in peril, only the most adept and strategic players will survive.

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60. After the mixed results of 2022, legalization attempts are intensified.

Although the legalization of cannabis has experienced some resistance in traditionally conservative states across both the South and West, 2022's election marked a huge success in Maryland and Missouri. 

 

In the federal sector, industry enthusiasts were quietly optimistic that banking reform would move forward. Unfortunately, it did not happen, however, a fresh opportunity will present itself in 2023.

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61. The increasing fascination with THC potency and the practice of 'lab shopping' has been gaining more recognition.

Industry experts are hopeful that this new development could lead to fewer consumers searching for the best products and more consumer knowledge about all of the other advantages that cannabis has to offer.
 

This would cause a shift in focus from cannabinoid content by industry professionals, indicating a positive change in how cannabis is viewed and used overall.

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62. The volume of calls for moratoria rises. 

Farmers are feeling the pressure in saturated markets as prices decrease and more cultivation sites open, prompting them to petition their state governments for aid.
 

Companies in regions such as Colorado and Michigan are asking government authorities to step in and stop the distribution of additional permits.
 

It remains unknown what effect these artificial restrictions on the market will have on corporate performance.
Despite the actions taken by Oregon a few years prior, the difficulty of overproduction persisted.

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63. Retail stores now require more precise product segmentation and increased consumer understanding to remain profitable.

Despite its widespread popularity, the flower market is losing traction as consumers become more knowledgeable and turn to other products such as vapes, concentrates, and edibles. 

Flower sales are projected to increase in almost every corner of the world. Regular consumers aren't replacing flowers with other items, rather they are consuming the same amount of flowers while exploring different form factors as well.

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64. Live resin will continue to be popular as a consumer-favorite extract, both as a stand-alone concentrate and as something infused into pre-rolls, cartridges, and edibles.

Live resin is climbing in popularity higher than distillate, and while distillates are not vanishing completely yet, they will take a backseat to live resins as more people become acquainted with the product.

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65. As reported by the Chicago-based cannabis analytics firm Brightfield Group, only 6% of consumers are new to this market and don't tend to invest a lot of money.

Most sales come from frequent cannabis users: 47% of cannabis users consume multiple times daily, 17% consume once per day and 10% consume five times per week or more. That pattern will continue to develop. Several further episodes to watch include:

 

• Since January 2020, injected pre-roll sales have increased by a factor of five, according to data analytics company Headset.

• In addition to recovering from the vape crisis of 2019, vapes are currently the second-best-selling cannabis product.
   

66. After the legalization of recreational marijuana, New York will struggle to control the black market.

It has been widely accepted that getting cannabis delivered to a residence in New York is much more straightforward than trying to order pizza. Amidst the enthusiasm of entrepreneurs establishing pop-up cannabis shops, unlicensed dispensaries, and vans selling marijuana out of their backdoors this year in the state, it is clear that there is a great deal of work to be done by those operating within the licensed market.

 

• In a bid to differentiate between legal and illegal cannabis companies, the state is exploring creative solutions. Yet it could be argued that attaching a QR code on store windows may not suffice.

• For the legal cannabis industry to outcompete its black-market counterpart, policymakers will have to create a favorable economic climate with limited taxation.

• Simply stressing product safety and testing won't suffice; rather, they must make their business operations attractive enough to draw customers away from illicit sellers.
   

67. The unionization movement will continue to succeed.

As cannabis legalization continues to spread across the U.S., we can expect to see unionization ramp up in this growing industry as labor organizers like UFCW and Teamsters begin organizing workers looking for better wages and benefits. With an already booming market, these efforts could further establish cannabis as one of America’s top industries!

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68. Delta-8 THC continues to be a major issue in the industry's progress.

The last year saw the creation of almost all state-legal cannabis markets' version of a rule to control delta-8 THC. In states with either limited or no legal cannabis markets, and even those that have well-established laws, delta-8 products began to spread nearly unchecked - posing a significant threat to the regulated industry.

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69. Growth was restrained by market headwinds in 2022, and they are projected to continue into 2023.

The early days of the pandemic gave the U.S. cannabis industry a big boost, but soon enough reality set in with regulatory and economic pressures contributing to an increasingly saturated market - driving wholesale and retail prices down as demand wanes.

 

The rivalry from the black market and onerous taxes and regulations are still problems for authorized merchants. While the decline in cannabis pricing at the wholesale and retail levels is probably going to continue throughout 2023.

 

70. Federal legalization was put on hold in 2022, but there is some optimism for 2023 and beyond.

Despite yet another failed attempt at cannabis reform by Congress, there was a glimmer of hope for federal legalization in 2022. Small strides were made toward loosening restrictions and paving the way to broader legal access in 2023.

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71. FDA guidelines on CBD may soon be available.

For almost four years, the FDA has been exercising authority over cannabidiol (CBD). Despite continuous demands from legislators and industry members for appropriate regulations, the agency has yet to issue a comprehensive set of rules about CBD.
 

• Companies producing or distributing this product do not have much direction apart from the occasional release of warning letters. Nevertheless, it is expected that 2023 will be the year when this situation finally resolves itself.

• The FDA has so far exclusively targeted food and drink products that make unproven health claims in its limited regulatory activities regarding CBD.

• Recent adjustments to the agency's internal and external approach to policing CBD products and other cannabinoids may be a sign of things to come in 2023 and beyond.
   

72. Despite its obstacles, states remain the prime leaders of legalization and reform efforts.

NORML's latest report revealed that in 2022, more than 40 cannabis-related reforms were passed by state lawmakers and citizens alike across over a dozen states. In particular, three states - Rhode Island, Maryland, and Missouri - legalized the use of adult-use cannabis while Mississippi legislated for medical access to the said drug. Consequently, it seems attitudes toward marijuana are changing all around us.

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73. According to Cowen analyst Vivien Azer, legal cannabis sales in the United States can experience a double-digit compound annual growth rate even without federal legalization.

This is due to gradual changes happening at the state level and was summarized by Azer in her January 10th report from Cowen.

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74. For potential recreational legalization, pay close attention to Pennsylvania, Minnesota, Oklahoma, Ohio, and Delaware.

If you are considering the use of cannabis products for medical purposes, be sure to keep an eye on Kansas and North Carolina.

 

As Eric Assaraf from Cowen Analyst noted in his Jan 10th overview of major themes for 2021; out of all the states aiming at recreation legalization- Ohio stands as an essential market with its population size of nearly 12 million people.

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75. The federal government will take years to change cannabis' scheduling status, according to Assaraf's Cowen coworker Jaret Seiberg.

The process of replicating peer-reviewed research for a plant is more difficult than it is for chemicals, which makes the task of validating its medicinal properties quite challenging.

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76. Analysts from Cantor Fitzgerald's Zuanic think that the upcoming Farm Bill could restrict the accessibility of compounds such as Delta 8 and Delta 9 derived from hemp, which may be a threat to legal cannabis companies.

The US Food and Drug Administration may be forced to classify CBD as a dietary supplement as a result of HR 841, which was passed by the lower house. This would make it possible to sell goods in easily accessible retail locations like Walmart and Costco.

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77. The cannabis industry is taking off, with projections estimating nearly $149 billion in global sales by the year 2031.

It's an indisputable fact that this fast-growing marketplace holds a world of possibilities - and shows no indication of slowing down!

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78. The industry has made remarkable headway in terms of legitimization, but it's still got a long road ahead.

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79. Laws and regulations continue to steer the cannabis industry in different directions.

Every country and state tackles cannabis use differently, creating a diverse landscape of opportunities across the globe.

 

80. Banking remains to be a great hindrance for cannabis companies in the U.S., as strict regulations prevent them from utilizing common banking services.

This has resulted in a dynamic financial atmosphere, where innovators are relentlessly finding creative solutions.

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81. Companies from "vice" industries are setting the stage for a permanent presence in the cannabis market, expanding their reach through strategic partnerships and acquisitions.

 

82. Recently increased interest rates from the Federal Reserve could be a major hurdle for cannabis businesses looking to expand their operations.

With growing costs that make it increasingly difficult to access capital, big clouds are looming over the bud business and its future expansion plans.

 

83. It will get more competitive between the brands.

Operators will stop at nothing to maintain their dominance as more businesses attempt to tighten their grips in a market that is getting more crowded and frequently desperate. According to the experts, retailers need to reconsider their consumer engagement strategies in addition to diversifying their product offerings.

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84. The Big Apple is about to take a big bite out of the cannabis industry.

New York has been making waves in the cannabis market with their adult-use sales kickstarting an estimated $7 billion industry. All over the United States brands are holding their breath, hoping that they can make it onto dispensary menus sooner rather than later - with an anticipated market value of more than $7 billion within two years.

 

With the legalization of cannabis in New York, huge numbers are predicted—not to mention increased visibility and legitimacy. The Big Apple is one of the biggest media centers worldwide, making this a prime opportunity for businesses looking to make their mark in the cannabis industry.

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85. Cannabis consumers will reach new heights of enjoyment and satisfaction.

Cannabis enthusiasts will have a lot to look forward to in 2023 as brands are investing more in understanding the needs and want of existing consumers. As mature consumers already constitute an important part of the market, they can look forward to significant enhancements in their preferred products - taking them to a whole new level!

 

86. The Midwest and South are ready to take off.

While New York has been grabbing a lot of attention, there are many other upcoming markets that experts can't stop talking about. With new consumers and potential investments, these emerging markets present low-risk opportunities for operators and investors alike. Missouri is one such market that was highlighted multiple times; its medical cannabis market made an unprecedented splash in 2022.

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87. The curious about cannabis will emerge and explore their options.

In an age where cannabis is becoming more socially accepted and markets are opening up, it's no surprise that there's a growing number of people exploring the plant for themselves.

 

Despite the societal stigmas that have long been attached to cannabis, Bethany Gomez, managing director at market insights provider Brightfield Group affirms that an estimated 20% of Americans over 21 can now be classified as cannabis consumers. According to Gomez, the hemp-derived THC market is projected to reach a staggering $3.2 billion by 2023.

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88. Consolidation is on the Rise. It's time to dig deeper and explore the potential opportunities available.

The cannabis industry is booming, and we expect the consolidation trend to continue into 2023. Smaller players may join forces with major SSOs or regional giants to gain economies of scale. This could create game-changing opportunities for mom-and-pop operators who are struggling to keep up their own.

 

89. Greater Clarity on CBD and Delta 8

Big changes for the cannabis industry are in store with new FDA regulations on CBD and Delta 8 products looming. Although rule changes may reduce competition, thus providing an advantage to legal cannabis organizations, it is too early to determine the outcome. Only time will tell how everything unfolds in the end.

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90. A Steady and Patient Pace

Despite its near success, the SAFE Banking Act of 2022 ultimately failed to pass. However, attempts for banking reform and legalization will remain in motion this year. Even though prices are dropping precipitously and market saturation persists as a difficulty, progress may be delayed but won't completely cease.

 

In the cannabis industry, slow and steady wins the race. To make significant progress in 2023 and achieve the much-needed reforms, it is essential to rekindle the momentum. 

 

The dynamic political climate in Washington has the potential to harm the further growth of this industry, so it is essential to remain determined during the upcoming year.

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91. Changes to the Rules to (Hopefully) Stop the Illegal Market

With taxes and regulations dominating the cannabis landscape, states may soon come to realize that their stringent policies are helping back-alley dealers more than legitimate businesses in this rapidly growing industry.

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92. Growing Popularity of Consumption Lounges

Las Vegas is set to lead the cannabis lounge scene, with luxurious, state-licensed lounges poised to open this year.

 

• Chicago may become a national leader as Illinois lays the foundation for a strong regulatory environment. Another city to watch is Denver.

• California is finally making headway with local governments permitted to create creative spaces. West Hollywood has taken full advantage of this by supplying a variety of lounges and activities for people to enjoy.

• New York will rapidly begin opening consumption lounges on the East Coast, imitating Las Vegas' example. The era of consumption lounges across the nation is just getting started this year.
   

93. Emphasizing Lean Operations, Efficiency, and Cost Reduction for Maximum Results

In 2023, the cannabis industry will likely continue to face challenges, thus it's expected that more companies across the value chain will use cost-cutting strategies. Process improvements, a focus on a lean operations approach, and even personnel layoffs or reduced hiring are all examples of possible changes.

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94. Tasty product innovation upends stigmas

Hemp and cannabis brands are quickly becoming more mainstream as they think outside the bud, investing in product development to make their goods available to a broader audience.

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95. CBD will be the secret weapon for promoting overall wellness and health.

As more and more people prioritize their health, cannabis brands have jumped at the chance to cash in on this growing trend by introducing products specifically tailored for wellness. With CBD winning over health and wellness consumers all around the world, experts think it will pave the way for greater trust in cannabis products.

 

96. Unlocking Insights from the Alcohol Sector

With a budding cannabis industry, we can take valuable lessons from the alcohol industry and other industries that revolve around recreational products. We have so much to gain by looking at different perspectives!

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97. Opportunities and difficulties can be found in outdoor advertising.

With cannabis becoming more widely accepted, increased ad spending on OOH channels like billboards and signage is showing that brands are still engaging with the traditional approach to advertising.

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98. Combining cannabis marketing with entertainment for an unforgettable experience.

Navigating the intricate cannabis marketing industry is no simple task, with tight regulations and restrictive platform rules standing in many companies' way.
 

• Savvy brands are turning away from platforms like Facebook or Instagram to align themselves with celebrities whose star power has helped numerous marijuana businesses thrive. 

• Having a celebrity endorse your brand can take it to heights never imagined before; their stamp of approval radiates trust and credibility that cannot be matched! It's an absolute must for any company looking to scale new levels of success
   

99. Every Road Leads to M&A

With an impending recession likely to arrive in 2023, the US economy will continue to be unstable. Simultaneously, cannabis prices have declined dramatically during 2022 due largely to excess supply and illegitimate market dynamics that are projected to remain during 2023 as well. Accordingly, mergers and acquisitions should become increasingly commonplace within the next year.

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100. Consumer Habits and Trends are Constantly Changing

The flower is projected to retain its control over legal cannabis product sales in 2022 and beyond, yet the shares of the market across each of the nine different types monitored by Headset are changing. Since 2019, flower's dominance has ebbed ever so slightly due to uprising demand for pre-rolls, drinks, edibles, vapor pens, and capsules.

 

101. Hawaii legislators announced a plan to pass a full adult-use legalization bill and Gov. Josh Green is prepared to sign it into action.