Marijuana’s popularity among American adults continues to rise due to its changing legalization status in many states.
According to Gallup, 45% of Americans said they had tried marijuana in 2017. So, let’s look at how much Americans spend on cannabis products these days.
According to Headset Inc., most U.S. consumers spend between $25-$50 on each trip to the marijuana store.
In the same year, the average amount each U.S. consumer spends on cannabis products is about $645 yearly. About 48% of those cannabis consumers spend between $500 to $2,500 per year.
But, based on New Frontier Data in 2019, the amount U.S. consumers spend on marijuana products per month was estimated to amount to $5.8 billion. That’s roughly $206.5 million a day or $1.45 billion per week.
Moreover, New Frontier Data also showed that the revenue of the illegal cannabis market in 2019 was estimated to have generated a revenue of $70 billion. But, the U.S. legal medical and recreational cannabis industry in the same year amounted to $13.6 billion and is estimated to reach $29.7 billion in 2025.
In total, the estimated total demand for Cannabis in the U.S. in 2019 (both legal and black-market sales) is $83.6 billion. And according to Eaze, U.S. consumers placed a cannabis order every eight seconds.
For more amazing information on this booming business, please click on the graphic below.