The U.S. cannabis industry is flourishing just like the plant itself. As we continue to learn about its healing potential, more people are embracing cannabis reform than ever before.

Investors from all corners are flocking to the stock market to get a slice of the green pie. 

Once they take a look at the latest industry growth estimates published in the “Marijuana Business Factbook”, chances are they will be even keener to get involved in the exciting industry. Every year, Marijuana Business Daily presents the general public, investors and Wall Street stock traders with the “Marijuana Business Factbook”.

This annual report shines a light on what’s expected from the next five years of cannabis sales and industry-related jobs in the U.S.

The most recent edition of the Factbook demonstrates growth estimates from the year 2017 until 2022.

These 7 cannabis statistics will blow your mind

Recently released statistics from the “Factbook” report offer a rousing insight into the future of the cannabis market. In fact, some of the following statistics that I have gleaned from the list are so encouraging, that even the most cynical people out there could be forgiven for wanting to get involved.

1. Legal cannabis sales in the U.S. could increase by nearly 50 percent this year

This was the headline statistic for the report. Sales generated in 2017 rested somewhere between $5.8 billion and $6.6 billion. In 2018, legal cannabis sales in the U.S. are estimated to hit $7.9 billion, with a maximum projection of $9.7 billion – that works out as a 42 percent year-over-year growth.

2. Legal cannabis sales in the U.S. may exceed $22 billion by 2022

If you thought that the aforementioned estimate was impressive, check out this one. A 27 percent annual growth rate is anticipated for legal cannabis sales in the U.S., all the way through 2022. Factbook foresees rapid growth in the U.S. cannabis sector by 2022, with the industry estimated to pull in between $18 billion and $22.1 billion as a result of more states legalizing the plant for medical and recreational use.

3. Recreational cannabis sales in the U.S. will be worth double that of medical sales by 2022

Medical cannabis sales are estimated to account for as much as $7.3 billion in 2022, with a minimum estimate of $5.9 billion. Recreational cannabis sales, on the other hand, are estimated to take in between $12.1 billion and $14.8 billion in sales in the same year. This is sure to give “cannapreneurs” the push to get involved in the recreational cannabis space.

4. Total demand for cannabis in the U.S. is $52.5 billion

Based on Factbook calculations, the U.S. cannabis market and the black market combined will provoke enough demand to generate a whopping $52.5 billion. It is this projected figure that is driving cannabis stocks sky-high as of late.

5. Cannabis jobs growth to average 21 percent per year through 2022

The U.S. cannabis industry is not just dependent on sales but also, the careers that it is creating. The estimated number of people who are currently employed within the U.S. cannabis industry is 125,000 to 160,000. The Factbook envisions 21 percent job growth per year through 2022, with 340,000 jobs predicted to open up in the industry.

6. Annual economic impact to surpass $75 billion by 2022

Expansion of the cannabis industry in the U.S. may contribute to local economies and according to the latest report, the economy will benefit from $28 billion to $34 billion this year. By 2022, this figure will swell to $75 billion.

“Estimates for the industry’s economic impact are based on retail marijuana sales and incorporates a multiplier of 3.5. For every $1 consumers or patients spend at dispensaries or [recreational] stores, another $2.50 in economic benefit is created in cities, states, and nationwide,” Factbook reports.

7. Fully legalized cannabis sales in the U.S. may exceed cigarette sales

The final fact I’ve pulled from the Factbook is one that foretells legal cannabis sales transcending cigarette sales in the U.S.

When you consider the fact that cigarette sales topped an estimated $93.4 billion in 2016 (according to a Wall Street Journal report,) the expectation that legalized cannabis in the U.S. will exceed cigarette sales is pretty astonishing and perhaps, a reflection of the cannabis product pricing we can anticipate in the near future.