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How Much Americans Are Spending on Cannabis in 2020

2020 American Cannabis Spending

The popularity of cannabis in the U.S. has grown exponentially over the past few years. With its changing legalization status in many states, more and more people are seeking to try out the benefits of cannabis.

 In 2017, it was mentioned in Gallup (written by Art Swift) that 45% of US residents have tried it while 12% are already using it. Come August 2019 and 47 states have already legalized medical marijuana, 11 of which fully legalized marijuana usage.

Needless to say, the numbers have grown these days. But how much did the average American spend on each trip to the marijuana store? How about annually?

Weekend Gardener surveyed to see exactly how much money Americans spend on Marijuana.

The following are some of the uncovered facts about US marijuana consumers and their spending habits.

79% of U.S. cannabis consumers would buy marijuana just to have fun, compared to 74.1% that would use it for experimental purposes. On the medical side, 69.7% would use marijuana to relax or just to feel more confident with themselves while 58.9% would use it so they could have better sleep.

In 2020, it was found that the average amount each U.S. marijuana consumer spends on cannabis products ranges between $500 to $2,500 annually.

On a similar note, it was also found that up to $5.8 billion U.S. dollars were spent on marijuana products monthly, or equal to $1.45 billion U.S. dollars weekly (~$194 million daily).

Revenue of the U.S. legal medical and recreational cannabis also grew greatly, from $13.6 billion U.S. dollars in 2019 to an estimate of $29.7 billion U.S. dollars by 2025.

Including the legal and the black-market sales, the demand for cannabis in the U.S. in 2019 was estimated to amount to $83.6 million U.S. dollars.

This increase in usage also means some products are gaining more popularity than others. Specifically, the demand for flowers, edibles, concentrates, and other cannabis product types increased and decreased between 2017 and 2022 (estimate).

For example, flower cannabis products in 2017 gained a CAGR of 50% but were estimated to go down to only 36% in 2022. In a similar case, concentrates had a CAGR of 23% in 2017, but is estimated to increase by 13% in 2022.

 

American Cannabis Consumer Spending 2020

If you wish to see more, you can see the entire survey result by visiting this link.

If you're planning to open a cannabis store or looking to improve efficiency and increase spending in your dispensary, Cova has a whole suite of retail tech solutions to streamline your business and improve profits. 

 

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