10 Important Legal Cannabis Facts and Stats

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Cannabis and its derivatives are popular and are getting more popular by the day. Recently, there has been a growing interest in the health benefits and healing potential of the plants as the governments in the United States and Canada have legalized hemp since December 2018 through the Farm Bill Act. What are the facts we need to know about medical cannabis? Here are some of them.

  1. California has shown great interest in legalizing marijuana for medical purposes in 1996 but has only gained legal approval in November 2018 applicable to 33 states in the US. It is primarily aimed at treating diseases like AIDS, cancer, and glaucoma.
  • Regulations concerning the use of medical marijuana and its number of dispensaries vary from state to state. Some states are more open to its use while others kept stricter rules. Currently, Mexico had a legal medical marijuana patient rate of 25 per 1,000 residents in May this year. Illinois, on the other hand, had a rate of under two per 1,000 residents.
  • In terms of public approval, a recent survey said that medical marijuana gained above 77 percent since 2011 owing to the satisfactory feedback of its clients, most of them usually refer the service to their family members and friends to avail the treatment in the future. In general, 62% of Americans are also in favor of the drug.
  • In terms of approval rate, it was reported that hundreds of thousands of American are in favor of marijuana. Some 270,000 of these votes come from Michigan as of May 2018. California still has the highest support, Michigan comes second. Meanwhile, recreational marijuana got an acceptance vote in November last year. The substance became legal under the state’s law with some restrictions concerning substance use and cultivating for personal use.
  • Currently, sales of medical marijuana have reached an estimate of nearly $10 billion in 2018. This is estimated to increase with its largest segment estimated to be valued at USD 100.03 billion by 2025. Its global market is expected to increase up to USD 146.4 billion by the end of 2025.  Its legal sales could reach up to $22 billion by 2022.
  • By-products of marijuana have also been getting in demand since 2016 with a revenue share of  62.9%. It is estimated to grow and be valued at  USD 82.9 billion by the end of 2025.
  • Ever dreamt of owning a regulated cannabis dispensary? You need an approximate startup cost of $775,000. The business is also expected to yield an average of $3 million per year. To maintain its operations, you need approximately $1.92 million annually for its operating costs. To date, there are 9,397 active licenses for marijuana businesses as of 2017.
  • An estimate of 55 million Americans use cannabis, and about 18% of these consumers are in between 18-29 years old. Most people spend an average of $25 to $50 each time they go to a marijuana retailer. Meanwhile, the average price for an ounce of high-quality marijuana in the U.S. is $320
  • Because marijuana is getting more acceptance, marijuana-related jobs may increase up to an average of  21% a year through 2022. Currently, women occupied around 36% of executive positions in the cannabis industry. This statistics is higher compared to positions occupied by women in other industries, which accounts only up to 15%
  • In a particular study in Michigan regarding respondents’ driving habits in the last six months, it was found out that 56% of them have driven their vehicles under the influence of cannabis. Fifty-one percent reported they were a ‘little high’ while driving, and 21% were ‘very high’ while driving.