Recreational cannabis is now permitted in Connecticut, Massachusetts, and Rhode Island. Each market has its own set of regulations and policy components, and those state-level nuances contribute to the unique features of each state’s industry.
According to a recent analysis by Inside Investigator, “The average price per gram of cannabis in Connecticut peaked in March, at $12.51 per gram. During June, it averaged $12.6 per gram, down from an average price of $12.32 per gram when recreational cannabis first became legal to purchase in January 2023.”
“In Massachusetts, where the retail sale of cannabis has been legal since 2020, the average price per gram is significantly lower. In June, it cost an average of just $5.06 per gram. In March, the average price per gram was $6.63 and in January 2023, it was $7.11.” Inside Investigator also reported.
“The average cost of 1 ounce of high-quality marijuana in Rhode Island is $308 while 1 ounce of medium-quality marijuana is $255. The average price of 1 joint (0.66 grams) of high-quality marijuana in the state is $7.16.” states the Rhode Island Cannabis organization about prices in their state.
The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a report by the Marijuana Policy Project.
“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy Project stated in a press release.
79% of people living in the United States lived in a county with at least one regulated cannabis dispensary according to an analysis by the Pew Research Center. The Pew Research Center also found the following:
- 74% of people in the U.S. live in a state where recreational or medical cannabis is legal
- There are nearly 15,000 cannabis dispensaries in the U.S.
- California has the most overall dispensaries (3,659)
- Oklahoma has the most dispensaries per capita (36 dispensaries for every 100,000 residents)
Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.
Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:
- 2024: $31.4 billion (9.1% growth from 2023)
- 2025: $35.2 billion (12.1% growth from 2024)
- 2030: $67.2 billion
- 2035: $87.0 billion
The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to an analysis by MJBizDaily. The projection is part of the company’s 2024 MJBiz Factbook.
“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.