Cannabis & CBD Retail Market To Reach $33 Billion In 2024

MARYLAND:  U.S. retail sales of cannabis and CBD products reached $14 billion in 2019, and are on pace to increase 18% per year to $33 billion in 2024, according to data published in Cannabis and CBD: U.S. Retail Market Trends and Opportunities, the latest report by leading market research firm Packaged Facts.

Cannabis products can be segmented by delivery format—i.e., the method by which the product’s desired compounds are ingested:

  • The most common delivery format, flower—smoked in the form of buds or pre-rolled cigarettes—accounts for nearly 40% of retail sales.
  • Another smokable product, vaporizer cartridges with concentrated THC or CBD compounds, comprises the second largest share. However, this share is falling as concerns about vaping-related lung illnesses rise and as states increasingly restrict sales of both nicotine- and cannabis-infused vaping products.

The fastest annual gains are projected for those delivery formats—namely edibles and topicals—that stand to benefit the most from federal legalization of hemp-based CBD. Major retailers—including foodservice establishments in certain states—are increasingly offering CBD-infused food, beverages, cosmetics, and toiletries that appeal to consumers because these products have the therapeutic benefits of CBD without the psychological effects of THC.

Other major delivery formats include tinctures, pills and capsules, and ingestible oils, which are used for both marijuana- and hemp-based products. Ingestible oils made from hemp seed oil (which does not include CBD or THC) have been available for decades and are used by health-conscious consumers for their purported nutritional benefits.

For more information on this emerging market purchase the report from our website.

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