Marijuana Stores Industry Profile

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Excerpt from Marijuana Stores Industry Profile

Interest in the marijuana industry is soaring due to increased public acceptance and reduced regulation in US states as well as in countries around the world. The multibillion-dollar global industry is experiencing strong growth, though the newness of the market and variance in regulation across geographies creates major barriers to entry. The industry includes medical marijuana dispensaries and stores that sell marijuana for recreational use.

Investors and entrepreneurs are confident of the market's potential, but determining which business approaches are most viable is challenging. Legal and financial risk parameters are difficult to define, and industry data and analysis are minimal. Regardless, increased capital is flowing steadily into the industry. Startup resources including finance, logistics, software, and consulting are materializing rapidly.

Regulated cannabis-related businesses such as dispensaries highly dominate US states such as Oklahoma, California, and Oregon, according to Statista. In 2021, the industry is able to support about 321,000 full-time American jobs across 37 states, according to BusinessWire. In addition, the industry in the US is valued at $61 billion, according to Flowhub. Globally, cannabis sales is expected to reach $62 billion by 2026.

COMPETITIVE LANDSCAPE

Demand is driven by demographics, public awareness of the marijuana plant's medicinal properties, and the desire for natural health treatments. Following decades of prohibition in the US, marijuana has gained greater public acceptance. Baby boomers with health conditions are driving medical marijuana sales, while recreational ...

 
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