Oct 5, 2022 - Economy

Legalized marijuana market is now worth $64 billion, according to new report

Average monthly spending on marijuana
Data: Coresight Research; Note: Margin of error ±6 percentage points; Chart: Madison Dong/Axios Visuals

The marijuana market has nearly tripled over the last three years as legalization sweeps the nation, according to a new report by Coresight Research.

What they found: Of the 1,017 survey respondents in the 41 states (plus, the District of Columbia) where marijuana is now legal in some form, 22% said they had purchased it for recreational or medicinal purposes over the last 12 months.

  • Among them, the average person spent $85 per month — with 1 in 4 spending less than $30 and 9% spending $200 or more.
  • That makes the market worth about $64.3 billion annually, up from $21.5 billion in 2019, Coresight estimated.

Zoom in: About two-thirds of users said they’ve increased their marijuana usage since it was legalized.

  • Of those users, 57% said they had smoked it, 46% had consumed it via food and 42% had vaped it.
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