Feb. 5, 2019, New York City, New York — CWCBExpo, a leading trade show organizer within the cannabis business, shares 10 facts that relay relevant and useful data about the marijuana industry.
Debate over cannabis legalization drives several important discussions. While experts debate facts versus myths and the public talks about whether legalizing cannabis would disrupt illegal drug trafficking, it’s essential to look at industry facts as these are what will drive decision-making and, ultimately, policy.
Here are 10 facts about the cannabis business everyone should know:
- Marijuana is legal in more than half the United States.
- During the first year that cannabis was legal in Colorado, the mid-west state collected approximately $70 million in tax revenue from its sales — nearly twice the amount collected from the sale of alcohol.
- Compared to the national average, more women hold executive positions in the combined cannabis business than men.
- In the marijuana industry, approximately 63 percent of senior-level testing lab positions are held by women.
- Colorado, Kentucky, Minnesota, Nevada, New York, North Carolina, North Dakota, Oregon, Tennessee, and Vermont are the top 10 hemp-growing states of recent years.
- The first dispensaries opened in Hawaii in 2017. Now, there are more than 20,000 registered medical marijuana patients in Hawaii — the largest growth in registered users occurred in 2017 when the dispensaries opened.
- Germany has one of the largest medical marijuana markets in the world, if not the largest. Germany also imports cannabis from the Czech Republic, Australia, and Israel.
- Between 2016 and 2017, word-of-mouth advertising was the most effective form of marketing for ancillary cannabis businesses. Social media marketing was the most effective form of advertising for plant-touching businesses.
- On average, one-quarter of marijuana businesses are owned or founded by women — this includes approximately 43 percent of ancillary services firms, 33 percent of testing labs, 30 percent of ancillary tech and product companies, and 26 percent of medical marijuana and recreational retail companies.
- On average, minorities hold approximately 17 percent of senior-level positions in the cannabis industry — that’s 4 percent more than the national average.
About the Cannabis World Congress & Business Exposition
The Cannabis World Congress & Business Exposition (CWCBExpo) is a business-to-business trade show event for the legalized cannabis industry. It is held three times per year in the largest media, financial and business markets: New York, Los Angeles, and Boston. It is the leading forum for dispensary owners, growers, suppliers, investors, medical professionals, government regulators, legal counsel, and entrepreneurs looking to achieve business success and identify new areas of growth in this dynamic and fast-growing industry.Go back