June 4 - 5, 2025
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8 Cannabis Statistics, Sales Trends, and Projections for 2024

In the fast-paced, constantly evolving, never-stop-to-rest cannabis industry, there’s a palpable sense that things are growing — but sometimes it can be hard to tell exactly how or in what way. In those moments, it can be helpful to pause, take a breath, and review the data.

Whether you’re planning for the future of your cannabis business or trying to better understand your target customers, data can be a helpful tool but also a tricky thing to parse. To help you, Cannabis World Congress and Business Expo (CWCBExpo) has curated this list of important cannabis statistics, trends, and projections you should be aware of as you grow your cannabis business in 2024. The data below was sourced from Equio, New Frontier Data’s cannabis industry database, unless otherwise noted.

1. Consumers still choose flower most, but product types are diversifying

In the U.S., smokeable flower remains the most popular, with around 78 percent of consumers saying they partake in that product type. Edibles are a relatively close second, with 57 percent of consumers opting to eat or drink their cannabis products. Just shy of one-third of cannabis consumers buy disposable vaporizers or vape carts, making this product category a distant third in terms of popularity. Topicals and tinctures appeal to 26 percent of consumers, while extracts and concentrates are chosen by 22 percent.

How do these preferences translate to sales? In December 2023, flower made up 43.56 percent of all cannabis product sales in the U.S., making it the clear leader by a wide margin. Vape products drove the second most sales at 28.3 percent; although only 32 percent of consumers choose vape products, they buy a lot of them quite often. Edibles drove only 12.36 percent of sales despite their popularity among most consumers.

In terms of money, the average value per transaction is highest when consumers choose flower at $82.31 per transaction. Vape products are a close second at $73.66, and tinctures are neck and neck at $73.52. Extracts follow behind at $69.58, with edibles at $58.36 and topicals at $51.95 per transaction. Pre-rolls generate the smallest average transaction value at $38.04, but they make great impulse purchases to help boost a shopper’s cart size.

2. The American cannabis consumer population is on the rise

As cannabis normalizes and new product types like beverages feel easier for some consumers to embrace, the population of cannabis consumers is growing. An estimated 54 million people in the U.S. identify as cannabis consumers, which is more than 16 percent of the national population. In New York alone, the total addressable market (TAM) consists of more than 3.3 million people, meaning there is a ton of opportunity for cannabis entrepreneurs in the Empire State. In fact, New York joins major markets like California in terms of potential for cannabis businesses.

3. More American adults will have access to legal cannabis than ever before

Thanks to the success legal cannabis has had at the ballot box, there are now 38 states plus Washington D.C. with legal medical cannabis programs of some sort. Out of those states, 18 of them along with the nation’s capital have legalized cannabis for adult use. That means 44 percent of American adults now have access to cannabis for any purpose, while 71 percent have access to medical cannabis. In 2024, these numbers are poised to increase, with states like Pennsylvania, South Dakota, Hawaii, and Florida considering adult-use legalization.

4. More than 7,000 dispensaries are operational in the U.S.

While the majority of these dispensaries are clustered in the west, the number of shops operating on the east coast is growing as the region’s legal cannabis industry catches up with the nation’s pioneering states. In New York, for example, the number of adult use dispensaries is now steadily climbing, surpassing 50 in early 2024 following the lifting of an injunction that suspended the Conditional Adult-Use Retail Dispensary (CAURD) license program and the state opened its doors to large multistate operators (MSOs). 

5. Friday is the most lucrative day for U.S. cannabis dispensaries

Cannabis consumers shop the most on Fridays, during which cannabis retailers generate nearly one-fifth of their weekly revenue as shoppers look to stock up for the weekend. The next busiest day is Thursday, when 15.24% of dispensary revenue is realized, closely followed by Saturday at 15.21%. Sunday is the quietest day of the week, but it still accounts for more than 10 percent of dispensaries’ weekly revenue.

6. The regulated market won’t surpass the unlicensed market — yet

The total legal cannabis market in the U.S. is projected to reach $35.16 billion in 2024, with the adult use market contributing $22.4 billion and the medical market $12.72 billion. The legacy market will remain on top this year by a significant sum at $70.9 billion. That means roughly half of the country’s cannabis market remains unregulated, though that share is projected to fall every year. At the current pace, the regulated market would surpass the legacy market in 2029.

7. The cannabis industry is expected to grow 12.84% through 2029

The legal cannabis industry’s compound annual growth rate (CAGR), a measure of how quickly an industry expands over a certain period of time, is projected to be 12.84% from 2024 to 2029. If those projections are accurate, the total legal market will grow to $62.72 billion in 2029. The adult use market would make up $50.29 billion of that value, with medical cannabis driving the remaining $12.43 billion. Projections suggest the legacy market would still represent a total $56.33 billion in 2029.

8. Global legalization will continue to expand

The world is becoming more cannabis-friendly each year, and that won’t stop in 2024. Currently, there are eight countries that have legalized adult use cannabis and established a framework for adult use sales to begin. Notably, the U.S. is represented as one such country in the graphic below due to a majority of its states supporting adult use sales, even though cannabis remains federally illegal. 

Aside from these countries, five others have legalized adult use cannabis without establishing a framework for sales to begin. An additional 17 countries have established a medical cannabis program, while 41 more have some form of cannabis legalization in limited circumstances. Access is expected to expand as countries that have legalized set up regulatory frameworks for sales to begin and additional countries consider legalization measures, including Thailand, Colombia, and Switzerland.

The future continues to burn bright for cannabis

In cannabis, we’re all used to challenges. However, we persevere because we believe in this industry and this plant, and the data shows that our belief is not misplaced. The trend toward a successful, thriving, global cannabis industry has never been clearer. 

As each of us navigate 2024 and beyond, it’s important to band together, and there’s no better chance to do so than attending the CWCBExpo. Join us June 5 – 6 at the Javits Convention Center in New York City to connect with some of the best and brightest in the world of cannabis and start building the future of the industry together.

Register for CWCBExpo to reserve your spot today!

Unlicensed Shop Crackdowns and Cannabis Seizures: Impact on NYC’s Cannabis Industry 

Editor’s note: This is an ongoing story, and this blog is updated as new information and updates come to light. For the latest, sign up for our email list.


As New York City grapples with unlicensed cannabis shops appearing throughout the five boroughs, state officials are heightening their efforts to curb the surge. In the face of the escalating issue, state regulators and law enforcement are turning their attention to these unauthorized establishments and ramping up efforts to bolster the city’s legal adult-use marketplace.

Current state of unlicensed shops in NYC

Since New York legalized cannabis for recreational use in March 2021, the city has witnessed a surge in unlicensed vendors selling a variety of products like flower, edibles, and vapes. The allure of the booming market and the potential for significant profits have enticed numerous entrepreneurs to enter the industry without obtaining the necessary licenses. Moreover, the regulatory framework and licensing process have faced challenges in keeping pace with the demand, creating a gap for unlicensed entities to exploit. 

The number of unlicensed shops has continued to grow rapidly. A report by New York City’s Independent Budget Office (IBO) determined an estimated 1,500 unlicensed retailers exist in the city, holding as much as $484 million worth of cannabis products. In many cases, consumers might not be able to tell these unlicensed storefronts apart from licensed dispensaries, as some have gone the extra mile to appear legitimate with branding, signage, and showroom floors. The New York State Office of Cannabis Management (OCM) maintains a list of authorized dispensaries on its website. The OCM also provides a QR code licensed dispensaries can post at the door for customers to scan and verify the establishment’s license.

Meanwhile, New York’s CAURD licensing framework was subject to a lawsuit and court injunction that froze the issuing of additional licenses. That lawsuit has since been settled and the injunction lifted, but the delay didn’t do the legal cannabis market any favors. The state’s Cannabis Control Board (CCB) has attempted to speed things along amid the injunction, adopting a resolution that allows existing medical cannabis dispensaries to get involved in the adult-use market.

Regulators have also moved to allow multi-state operators (MSOs) to enter the New York market as well, much to the chagrin of small businesses and social equity applicants. The latter’s licensing outlook remains uncertain and on pause. 
Despite these efforts, the rollout of New York’s legal adult-use cannabis market has been sluggish, creating a prime opportunity for these unlicensed shops to take root. 

Recent enforcement actions against unlicensed cannabis shops

The Office of Cannabis Management launched its enforcement efforts in 2022, sending 52 cease and desist letters to unlicensed cannabis businesses warning them to stop selling cannabis without a license. 

In June 2023, the Office of Cannabis Management (OCM) introduced enforcement legislation aimed at imposing penalties on unlicensed cannabis businesses. The legislation criminalizes the sale of cannabis and cannabis products without a proper license, with fines ranging from $10,000 to $20,000 per day, depending on the severity of the violation. Under the new law, the OCM is also authorized to request State court orders to shut down known repeat violators. 

Underscoring the issue’s magnitude, recent inspections in October 2023 alone led to the seizure of approximately $6.2 million worth of cannabis from unlicensed shops. To date, the state has inspected a total of 289 locations and seized nearly $50 million worth of cannabis from unlicensed shops. The city is also going after landlords who allow unlicensed cannabis shops to operate in their buildings, issuing fines of up to $10,000 to those who knowingly lease commercial property for illegal cannabis sales.

Since June, the OCM has held 26 administrative trials and levied $220,000 in fines. Decisions are still pending in 10 other cases, reports Ganjapreneur. Most recently, the OCM, along with Gov. Kathy Hochul and Attorney General Letitia James, announced the closure of Big Chief Smoke Shop in Brooklyn, an unlicensed shop that ignored repeated warnings from the OCM. However, with so many unlicensed shops still operational, the state’s game of Whack-A-Mole continues.

Implications for the cannabis industry 

The surge in unlicensed cannabis shops brings forth economic, safety, and reputational challenges for both licensed dispensaries and New York State. 

Consumer safety concerns 

Possibly the most pressing implication of unlicensed cannabis shops is the growing concern for consumer safety. Products from unregulated establishments often lack proper testing and quality control measures. 

In fact, an industry-led study revealed that 40 percent of products from 20 unlicensed stores in NYC contained harmful contaminants such as E. coli, lead, and salmonella. The absence of oversight raises the risk of harmful substances or inadequate labeling of cannabis products and poses many health risks to unsuspecting consumers. Notably, the OCM requires testing for salmonella and other contaminants.

Economic challenges for licensed dispensaries 

The proliferation of unlicensed cannabis shops in New York poses economic challenges for licensed dispensaries and the city as a whole. The presence of unregulated competitors leads to price undercutting, potentially diverting customers away from legal establishments and ultimately impacting the financial viability of licensed dispensaries. Meanwhile, licensed cannabis dispensaries are required to adhere to testing standards, transportation and storage regulations, tax implications, and security requirements that increase their cost of doing business — all regulations that unlicensed sellers can ignore.

Lost tax revenue for New York City

Further, the legal sale of the estimated $484 million worth of products, taxed at the state’s 13 percent rate, could have resulted in $18.4 million in revenue for the city, according to the IBO report. Under the existing regulatory framework, 40 percent of that revenue would have gone to education, 40 percent to community reinvestment initiatives, and 20 percent to drug treatment and education.

The battle against unlicensed pot shops is ongoing

Despite increased efforts by the state to identify unlicensed shops and impose consequences, regulators have only begun to chip away at the illicit vendors in New York City. Meanwhile, cultivators are left with 300,000 pounds of product that they can’t sell to unlicensed shops

As the city establishes and regulates its legal marketplace, staying informed is imperative to the success of your cannabis business. For the latest developments on the unlicensed shop crackdowns and seizures, we encourage readers to follow reputable news sources like NY Cannabis Insider. And, of course, we at CWCBExpo remain committed to keeping you updated on cannabis news through our LinkedIn, Facebook, and Instagram channels. 

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Dispensaries Can’t Have Sales in NY. What Can You Do Instead?

The cannabis industry in New York is subject to some strict regulations, especially when it comes to running promotions and offering discounts. While businesses in other industries use sales and similar promotions to capitalize on the influx of holiday shoppers, cannabis retailers are unable to do the same. So, what can you do during the holiday season when plenty of shoppers are likely looking for gifts for cannabis-consuming friends and family? It’ll take some creative thinking, but there are solutions.

What are the regulations regarding sales and promotions?

In New York state, licensed cannabis businesses are prohibited from advertising sales or promotions based on the regulations set forth by the New York Office of Cannabis Management (OCM). This includes giveaways, discounts, and customer loyalty programs.

The precise language of guidance issued by the OCM is as follows:

Licensees cannot give away, including through donation, any cannabis products. Licensees cannot advertise giveaways, discounts, price reductions, points-based reward systems, or customer loyalty programs including, but not limited to, by using the words “sale”, “free”, “price drop”, or “discount” on a menu, in any communications to customers, or elsewhere. This does not prohibit licensees from changing the price of cannabis products or otherwise “discounting” products.

Of course, this doesn’t mean retailers are unable to change the pricing of their products — you just can’t advertise the discount, which sort of defeats the purpose from a marketing perspective. However, reducing prices and other clever sales tactics can still offer a benefit to your customers and your sales numbers.

5 promotions to try when you can’t have a sale

Although you’re not able to advertise holiday sales to your audience — or any other sales for that matter — there are still some reasons you may want to reduce pricing as holiday shopping shifts into high gear. Additionally, there are some ways you can use to remain compliant with New York state law while availing your customers to wallet-friendly options. These five tips can help you drive business and ensure your customers have truly happy holidays at your dispensary.

1.    Feature your best-selling and most profitable products

You don’t have to necessarily advertise price drops or discounts to bring in customers. Feature your best-selling products or those with the highest profit margin in your marketing materials as the holiday season approaches. These products may be enough to bring customers in and drive more sales of your most lucrative products without running afoul of New York state law.

2.    Bundle products together based on a theme

The holiday season could be a great time to pair some items together based on a theme, such as items that offer a similar effect or those that complement each other nicely. For example, you could offer a “DIY R&R” bundle that contains a stress-busting strain, topical products that ease aches and pains, and edibles that help with relaxation.

Pricing these bundles advantageously compared to purchasing each product inside individually could incentivize customers to buy multiple products instead of just one or two. They also serve to showcase the wide variety of cannabis products your dispensary has on hand. Who knows? Some of your customers may discover their new favorite product this way and come back for more in the future. Consider bundling new products or ones you expect to make a big splash as a way to get the word out about them.

3.    Advertise cannabis delivery services

There’s no rule against advertising your cannabis delivery services, and holiday shoppers are often short on time. Let them know that you can bring their gift purchases directly to them when they place an order for delivery. That’s one less stop they’ll need to make during the busy holiday season and they’ll be grateful to your brand for helping them out. It’s also a great way to let people know that your dispensary delivers cannabis, which is a relatively new offering for New Yorkers. Taking advantage of the holiday season to spread the word could result in more sales to a wider area in the new year too.

4.    Promote the product types shoppers look for during the holidays

Understanding how shoppers interact with cannabis dispensaries ahead of the holiday season is critical to success. While the biggest cannabis sales days of the year — 4/20 and Green Wednesday — are in the rearview mirror, there’s still time to make one last push before the year’s end.

According to data from Headset, the week before Christmas is a big shopping week in the cannabis industry. Expect shoppers to go for cannabis flower and vape products the most, as they usually do. However, you’re likely to see significant increases in the amount of topicals, cannabis beverages, and edibles. So push these products to make the most of the holiday rush — even though it’s cold outside, these product types are likely to be hot.

5.    Showcase holiday-themed products

There’s no shortage of products that fit the theme of the holiday season. Whether it’s an edible in holiday-inspired packaging, a product flavor like peppermint or cinnamon that matches the winter weather, or a frosty-named strain, these products have obvious links to the winter holidays without ever advertising a sale.

Take advantage of the holiday season for your cannabis dispensary

The holiday season is a busy time of year for retailers everywhere, and just because dispensaries can’t have sales doesn’t mean there isn’t plenty of opportunity. By considering the tips above, you can make the most out of the holiday season, driving more sales, boosting customer satisfaction, and refining your strategy for the new year.

Christine Ianuzzi Show Floor Interview NY 2018

A Monthly Dive into Potential Shifts

Each month, Cannabis World Congress & Business Exposition (CWCBExpo) offers a convenient roundup of the biggest cannabis news stories and hemp headlines emerging across the nation. Get these updates in your inbox by subscribing to our email newsletter, or follow us on Instagram, LinkedIn, Facebook, or Twitter (now X) to get the most recent edition when it’s published.

 

Get ready to dive into the freshest insights involving the cannabis landscape with CWCBExpo’s latest national news update. This month unfolds with a U.S. senator’s call for Drug Enforcement Agency (DEA) action, a Gallup poll unveiling record-high support for federal cannabis legalization, and Congressional Democrats seeking more federal regulatory guidance for cannabis business owners.

 

Senator pushes DEA to act on cannabis rescheduling 

 

In a recent letter, Sen. Kristen Gillibrand (D-NY) urged the Drug Enforcement Administration (DEA) to expedite the rescheduling of cannabis, a recommendation which was put forth by the U.S. Department of Health and Human Services (HHS) in August 2023. 

 

In the letter, which was addressed to DEA Administrator Anne Milgram, Gillibrand expressed her belief in the complete descheduling of cannabis and emphasized the immediate necessity of rescheduling cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA). 

 

“Marijuana is simply not comparable to other Schedule I substances like heroin, LSD, and MDMA. Moreover, marijuana enforcement has, for decades, disproportionately targeted communities of color,” Gillibrand stated in a press release. “This means that people of color are more likely to have criminal records for marijuana possession and to face needless barriers to employment, housing, and educational opportunities as a result. It is past time to end overly restrictive federal marijuana policy and I urge the DEA to do so immediately.”

 

The full content of Senator Gillibrand’s letter to the DEA is available here

 

Public support for cannabis legalization reaches an all-time high

 

According to a new Gallup poll, seven in 10 Americans support cannabis legalization, an all-time high since the Washington, DC-based analytics and advisory company began polling on the topic in 1969. 

 

In the first poll, conducted in 1969, only 12% of respondents supported cannabis reform. This year, 70 percent of U.S. adults say cannabis should be legal for adult consumption. It’s the first time support for legalization has increased since 2020, up from 68 percent in favor of legalization during the past three years of polling.

 

For the second year in a row, majority support for legalization was found among all demographics, including age, political party, and ideology. There were no notable differences in support by gender, race, or education. Only 29 percent of respondents said they think cannabis should not be legal, while one percent remain unsure. 

 

Democrats seek federal guidance for cannabis business owners with prior convictions 

 

A group of 20 Congressional Democrats have formally reached out to the Treasury Department urging a revision in guidance to alleviate constraints faced by cannabis business owners with prior convictions related to cannabis. 

 

Since 2014, the Financial Crimes Enforcement Network (FinCEN) has directed financial institutions to consider various “red flags” before extending services to cannabis-related businesses. This includes all past cannabis criminal records and involvement in the illegal purchase or sale of cannabis, regardless of whether the act is now considered legal at the state level. Consequently, banks can view business owner’s convictions for simple cannabis possession as a reason not to provide financial services such as banking services or business loans, even in states where cannabis is now legal. 

 

The group of lawmakers — led by U.S. Sens. Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), Raphael Warnock (D-Ga.) and U.S. Representative Earl Blumenauer (D-Ore.) — conveyed their concerns in a letter addressed to Treasury Secretary Janet Yellen and FinCEN Director Andrea Gacki underscoring the current guidance as “outdated.” 

 

“The updated guidance should clarify that if a marijuana-related act has been expunged, pardoned, is no longer illegal under state law, or is not disqualifying for obtaining a state marijuana license or permit … then financial institutions should not consider that offense a ‘red flag’ when conducting customer due diligence of marijuana businesses,” the lawmakers said in the letter.

 

USDA may revoke hemp licenses for cannabis farmers 

 

The U.S. Department of Agriculture (USDA) is taking a firm stance on hemp cultivation, reportedly revoking licenses for farmers engaged in the simultaneous cultivation of cannabis within state-approved programs. 

 

Hemp cultivation was legalized in the 2018 Farm Bill, which enabled farmers across the country to begin producing hemp plants, defined as cannabis that contains 0.3% THC content or less. Since, some farmers in states where cannabis is legal have also begun cultivating marijuana containing higher levels of THC, something the USDA apparently wants to put a stop to. It’s unclear how many farmers have been contacted by USDA, however, the decision could have significant implications for farmers navigating the cultivation landscape. 

 

Vermont-based farmer Sam Bellavance told Seven Days that he received an email from a USDA official months after he began growing marijuana under his state’s program. According to Bellavance, the email notes, “regulations don’t allow for a hemp-licensee to also be producing marijuana, even if licensed to do so by a state program,” and went on to tell Bellavance he would need to surrender either his federal hemp license or his state recreational cannabis license.

 

With changes causing serious issues for cultivators, lawmakers, and industry stakeholders are considering potential changes to the next large-scale agriculture legislation to better serve hemp farmers. This includes proposals to free up hemp businesses to legally market products like CBD as dietary supplements and to remove industry restrictions on people with certain prior drug convictions.

 

Elevate your insights with CWCBExpo 

 

When it comes to cannabis, being in the know is paramount for success. Keep your finger on the pulse by following CWCBExpo’s monthly news updates and mark your calendar for our annual in-person conference in NYC. It’s your golden ticket to participating in the evolving discourse of the industry. Don’t miss out on the chance to shape the future – join the conversation with CWCBExpo

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