With the legalization of cannabis, it has emerged as a great source of business. The popularity of weed is at its peak, and new formulations are illustrated every other day.
With such extraordinary development in the field, it is not a matter of surprise that people might feel like starting a dispensary of their own. But checking all the facts in and out is always a smart move.
So, if you are planning to start a weed dispensary, then a critical analysis of its future will come in quite handy. And today, we will do the same for you. For instance, one can take inspiration from get Kush weed dispensary. And as a trusted data for ascertaining the growth rate of the weed trade, you can go through the Annual Marijuana Business Factbook.
Breaking down the report
Let us analyze the recent report published upon the growth of the cannabis industry in the U.S.
The 2021 annual report clearly showed that sales of marijuana had seen a peak. The sales have seen a rise of 31%. In numbers, it has reached $48.4 billion in 2021. Before this year, the sales were approximately $36.9 billion.
The majority of transactions happen between adult-use markets, which corresponds to 54.55% (26.4billion) of the total sales. And, the medical demand is immediately behind it with a sales amount of $22 billion. Earlier this year, the percentage of sales for recreational purposes was around 54% which accounted for the same ratio as later year. And, the growth will increase even further in the coming years.
As per a projection made by Marijuana Business Daily Projects, the sales of marijuana will increase to a level of $84.3 billion in four years from now, i.e., in 2025. They have also forecasted that there will be a growth of $ 45.9 billion in the adult-use market. One more thing that can be derived from these percentages is that the sales of marijuana will surpass the craft beer industry’s sales in the coming years.
So, we can derive these predictions and projections that the weed dispensary industry will see a great pump in the coming years. For more information, you can check the Get kush weed dispensary.
Data ascertaining the growth
As the popularity of the cannabis industry is reaching its peak every year, it is a no-brainer to understand that it will be propagated to other countries soon. And reports from the Annual Marijuana Factbook stand as a good base for that. It has been established that legal sales of cannabis account for 28% of the country’s total sales.
Let us check the data in parts:
- California: sales up to $6 billion
- Colorado: sales up to $2.5 billion
- Illinois: sales up to $2 billion.
- Massachusetts: sales up to $2 billion.
- Washington: sales up to $1.7 billion.
And the data for the lowest sales based on recreational purposes are in expected countries are:
- Lowa: sales up to $6 million.
- North Dakota: sales up to $13 million
- Vermont: sales up to $14 million.
- Washington DC: sales up to $21 million.
- Virginia: sales up to $25 million.
And as new adult-use programs are starting in New York City and New Jersey. So, it will be great to see the expansion due to it.
Economy growth through the cannabis industry
The sales of marijuana after its legalization have created a tremendous impact on the economy of the U.S. And, reports show that it will continue to boost the country’s economy in the same way. The total economic impact due to marijuana sales in 2020 is $70 billion. It will further increase to 31% as per the estimations made.
The sales and the boost in the economy are also seen due to the employment opportunities it provides. From fields to factories, as many as 415,000 workers have got employment. This number is another big reason for the substantial improvement. And, with an increase in sales a rapid rise in the number of people employed for its manufacturing. A quick comparison to understand this evolution is that there are 15% more workers in this industry than firefighters in the U.S. Like Get Kush Dispensary, it also allows people to start their dispensaries. It further boosts the economy by creating more job opportunities.
Pointers on future of cannabis industry
From our quick and summarised analysis, it is easily understandable that the cannabis industry will grow in the coming years. But, with an assurity in the growth, the question lies by which proportion it should be expected to increase. And which country will show the most remarkable growth patterns?
The boost to this level is possible due to the government’s decision to legalize the substance. So, it provides a strong base for our readers who aim to start a weed dispensary. The future of weed is safe. It also ensures the growth of your dispensary. Several established dispensaries are operating in the country, such as the Get Kush Weed Dispensary.
There are several other reports to substantiate the derivation made above. For this, the interested readers can go through Cannabiz Media License Database. It produces daily data on the sales of cannabis. And, those who want to analyze the future on their own can check the opportunities in the U.S. market by scheduling a demo and check how you can go for a prosperous cannabis business.