Cannabis: A $63+ Billion Global Market By 2024

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According to research firm Statista, the global legal market for recreational cannabis will reach $63+ billion by 2024. Cannabis stock growth will result from the worldwide increase in cannabis production to meet demand.

In North America, legalized cannabis has had explosive growth, Statista reports. It cites the nationwide legalization of cannabis in Canada and in a growing number of states in America. Where it has been legalized in the U.S. — in states including Illinois, California, Massachusetts and Nevada — demand has overwhelmed wholesalers, growers and ultimately producing companies. As a result, the industry is seeing cannabis stock growth for companies that are well managed and cost efficient.

The market has become so large, building to the $63+ billion in 2024, that some publicly held suppliers have had to invest in security systems to protect their assets, according to an article in

The Statista report finds that California — which had the highest legal cannabis sales in the U.S. in 2018 at $2.5 billion — will record 27.4% of all legal cannabis sales in the U.S. by 2025. That is an opportunity for cannabis stock growth. Interestingly, the non-legal ‘black’ market continues to thrive. The total market in California, illicit and legal combined, is some $5.6 billion today, the report concludes.

Cannabis Stock Growth

Statista reports that recreational cannabis use is legal 10 states and medical use is legal in 33 states. A more mature market in Colorado brought in $1.5 billion in sales last year. In some states when adult use recreational cannabis becomes available, consumers overwhelm available supplier in shops.

Investors see the Statista report as a roadmap for cannabis stock growth. Overlooking short term out-of-stocks, Wall Street sees long term growth in cannabis stocks.

Perhaps what Wall Street does not see is niche marketing, enabling smaller publicly owned suppliers to compete effectively with larger players. Total demand for cannabis is no guarantee of a stock’s success, but innovative marketing to reach cannabis consumers is a key factor.

Cash Or Cryptocurrency Sales

The Statista report details the difficulty of some cannabis sales in a cash or cryptocurrency environment. Some retailers handle those issues better than others. But considering how large the illicit market remains in California — despite the presence of a legalized infrastructure — tells the investor that more is in play. Some consumers may not want to be identified using cannabis or wish to purchase strictly with cash. Others may not want to present themselves in a public store and so may elect to purchase recreational cannabis at a high price in more discreet locations.

Creative marketers and retailers will win the day, resulting in cannabis stock growth. They will find legalized shelves in locations closest to consumers and efficiently process product. Customers have already shown in legalized states that there is demand — but it is not always in the legal market, as the report’s analysis of the California market cannabis concludes.

Cannabis stock growth is likely but not automatic. It depends on an individual cannabis  company’s ability to manage its own growth, keep a watchful eye on expenses and keep up with demand. Companies fail almost as often in a fast-growth industry as a slow one.