Home / Business / 4 Cannabis Statistics That Teach Important Info About the Business

4 Cannabis Statistics That Teach Important Info About the Business

It’s no secret that the cannabis business is budding into quite a consumer-driven industry. Recreational marijuana is currently legal in 11 states plus the District of Colombia while medical marijuana is legal in nearly every state. As more time passes, more and more state governments support the legalization of the plant for its medicinal properties as well as the consumer market it creates.

The following four statistics and their important info regarding the cannabis industry reveal more than just an evergreen industry. They also reveal how you can take your marijuana business to the next level.

  1. Sales Totals Increased by 50%—in Just Two Years

In the early stages of the cannabis industry, there were only a few states that had legalized marijuana for medicinal and/or recreational use. In 2016, the industry raked in about $6.5 billion, with estimated projections of $10 billion in 2017. By 2018, the industry hit $12.2 billion in sales, which was almost a 50% increase. Projections for the near future are estimated at six times that amount.

In business-marijuana terms, the more we legalize, the more we profit. If you were to create a graph solely on the rising market price of cannabis since 2016, you’d be amazed at its economic impact. That little cannabis leaf isn’t going anywhere.

  1. 93% of Patients Are Choosing Medical Marijuana Over Pharmaceuticals

In a 2017 study investigating what patients prefer to use to treat chronic pain, the results turned up that the majority were in favor of marijuana. The study involved over 2,000 participants, most of which had been using opioids to manage their pain. Overall, the general consensus was that not only did marijuana help them manage their pain better than opioids, but they were able to ween themselves off of opioid use by using medical marijuana.

In addition, there’s another option for those who cannot handle the high that THC causes. Many cannabis companies also join in on the cultivation of wild cannabis—or, hemp—to extract and manufacture CBD products. CBD is 100% legal in all states, doesn’t get you high, and is well known for the laundry list of conditions it treats.

  1. 92% of the American Legion Support it

The American Legion is the largest group of veterans nationwide. They’re also among the most supportive group pushing for full legalization. It makes sense—marijuana is well known and revered as a successful treatment for PTSD. The majority of the group supports the funding of medical marijuana research as well as using it as a medical treatment option for veterans in specific.

It doesn’t get any better than having the troops on your side.

  1. It’s Technically Impossible to Overdose on Marijuana

This is more of a fact than a statistic, but it’s worth noting. You can’t overdose on marijuana. However, the carbon monoxide produced from smoking a joint can become lethal. That is if you were to smoke 800 joints in one sitting—then you’d most likely get carbon monoxide poisoning.

The point is that marijuana doesn’t come with any hidden dangers, unlike alcohol and cigarettes.

Important Info Based on Cannabis Statistics

We can’t escape the important info based on the above cannabis statistics. In other words, cannabis is taking over. It’s creating a natural alternative to traditional pharmaceuticals and recreational endeavors like drinking and doing other drugs. It’s also creating a booming industry, and supporting local economies in each state.

For more on cannabis industry news, check out the rest of our site.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

Check Also

How to Sell an Old Car in California?

California is acclaimed for its vehicle culture. Californians’ affection for vehicle is broadly known. On …

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.