The US cannabis market is anticipated to be worth $19.5bn by 2024, up from $5.4bn in 2016, according to data published by Hexa Research.
The report found that the growth was due to the the growing pace of legalization in the US, as well as increased documentation of the plant's multiple medical benefits. Hexa Research charted the growth of demand for medical cannabis products for the treatment of arthritis, estimating that the sector would grow at a CAGR of 17.8% over the forecast period of 2016–24.
Visit Innovation Enterprise’s Big Data & Machine Learning for Pharma Summit in Madrid on October 10, 2018
The report also looked at the ways consumption of cannabis broke down, looking at the data from Nevada, where marijuana use was legalized in 2017. According to data from the Nevada Department of Taxation, marijuana flower/bud accounted for around 50% of all combined medical and adult-use marijuana purchases by consumers in Nevada, followed by concentrates at about 25% then infused edibles at an estimated 13%.
Hexa Research also found that the market was driven mostly by the medicinal sector, with the average order from a medical customer was $73 whereas a typical recreational customer spent $41 per order.
Ben Sillitoe, co-founder of Oasis Cannabis, a Nevada-based cannabis superstore, stated: "A medical patient will typically consume more cannabis than an average retail customer, so we expect to see larger average purchases from that group."