2024 U.S. Cannabis Market: Legal States, Job Growth, & Economic Impact

In the cannabis industry, change is a constant factor. Each year brings shifts in marijuana regulations, laws, public opinion, technology, and business practices. To offer a comprehensive view of the 2024 U.S. cannabis market, we’ve gathered the latest insights on legal states, job growth, and economic impact.

States Where Cannabis has been legalized

As of July 2024, there are 40 states, plus Washington D.C. that have legalized cannabis for medical use. Providing relief and alternative treatments for millions. Furthermore, 24 of those states (plus D.C.) have also legalized cannabis for recreational adult-use.

The changes in legislation have not only altered the legal landscape but have also prompted a societal shift in the perception of cannabis. According to a survey from Gallup over 50% of Americans have tried cannabis. While 74% of Americans now live in a state where cannabis is legal for either recreational or medical use.

Breakdown of Cannabis Legalization Laws by State

Forecasting the Ballot: States Poised for Cannabis Legalization Votes

With the November elections on the horizon, three states are gearing up to have their say on cannabis legalization. Florida, South Dakota, and Nebraska are being closely monitored by industry experts, investors, and policy makers. Meanwhile, campaigns both for and against legalization are ramping up their efforts, aiming to sway public opinion.

Additionally, the upcoming votes are crucial for both state and national cannabis policy discussions. As more states legalize, federal and state lawmakers may feel increased pressure to reevaluate their stance on cannabis.

The Surge in Cannabis-Related Job Opportunities

The legal cannabis industry has rapidly become a major job creator. In the last year alone, the industry has added more than 22,952 jobs. From cultivation and processing to retail and compliance, the industry now supports more than 440,445 full-time equivalent jobs. Employment opportunities extend beyond cannabis into secondary markets such as legal, marketing, and finance specialists.

As the industry matures, the demand for skilled labor increases. This presents educational institutions like Cannabis Career Academy with the opportunity to develop specialized programs to train the next generation of cannabis industry professionals. This growth shows the industry’s evolution from a niche market to a vital part of the national economy.

Analyzing the Economic Impact of Cannabis Legalization

• Revenue in the Cannabis market in the United States is forecasted to reach $42.98 billion in 2024.
• The economic impact of cannabis legalization is expected to pass $112.4 billion in 2024.

States with legal markets have seen a significant influx of tax revenue. Resulting in their governments allocating tax revenue to various public services such as education and infrastructure. Legalization has also sparked a boom in entrepreneurship, with a multitude of new businesses emerging across the supply chain.

Beyond direct cannabis sales, the industry has stimulated ancillary markets, including technology, security, and professional services, further contributing to economic growth. The positive economic indicators associated with cannabis legalization have made it an attractive prospect for states seeking to bolster their economies. With more new cannabis markets on the horizon, its predicted the industry  could add upward of $200 billion in additional spending to the U.S. economy by 2030.

Emerging Trends and Predictions in Cannabis Industry

Looking ahead, several emerging trends will shape the cannabis industry’s continued upward trajectory. Technological advancements in cultivation, product development, and consumer analytics are driving innovation. The rise of CBD and isolated cannabinoids has opened up new markets and demographics, further expanding the industry’s reach.

As the industry matures, consolidation and the emergence of major cannabis corporations are likely. However, there is also a strong push for maintaining a diverse ecosystem of businesses, ensuring opportunities for small and minority-owned enterprises. The future of the US cannabis industry is bright, with ongoing legal developments, economic contributions, and job creation reinforcing its significance in the American economy.

We hope this guide helps you have a better understanding of the where the 2024 U.S. cannabis market stands, from legal states, to job growth, and economic impact. To learn more about cannabis, enroll in one of our online classes today!