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2020 State of the Industry Report on Key Trends in the Cannabis Cultivation Market
The U.S. is anticipated to be the main driving force of the growth and use of medical cannabis. 30 states have already legalized the use of cannabis. These 30 states comprises of 60% of total population and have approved use of medical marijuana. This has become the driving force for the growth of cannabis testing marked in the entire North America region.
The cannabis cultivation market in the United States continues to expand, though COVID-19 will affect or is affecting the majority of these businesses, while operations get bigger, facilities become more numerous, and overall profits continue to increase, according to a recent report looking at the last five years of data for the cannabis industry.
The Cannabis Business Times State of the Industry Report shows the average reported revenue inched up from $3.73 million in 2019 to $3.74 million in 2020, with 27% of companies reporting that profit increased in 2020 compared with 22% reporting that in 2019.
2020 State Of The Industry Report: Cannabis Cultivation Market Expanding
“Five years of data reveals key trends in the cannabis cultivation market.”
With consistent year-over-year data, Cannabis Business Times industry research enables us all to better understand the cannabis market, and its trends, and provides a useful tool for future planning. 1
Introduction: Tracking Data Reveals Industry Shifts, Sustained Growth
With information and insights from cannabis cultivators about their operations from multiple years, it is now possible to examine key trends and get a clearer picture of how the market has evolved.
Revenue & Profits: Plateaued, But Solid
After growth skyrocketed between 2018 and 2019, participants in the 2020 “State of the Cannabis Cultivation Industry Report” hit a plateau in their revenue trajectory.
Where Cultivators Grow
The number of cannabis cultivators growing in greenhouses and outdoors has increased steadily over the years since Cannabis Business Times the “State of the Cannabis Cultivation Industry Report.”
Industry Optimism, Expansion Continues
In the five years that Cannabis Business Times has published the “State of the Cannabis Cultivation Industry Report,” the vast majority of research participants noted they plan to expand their cultivation operations, with a slight shift in the types of expansion they have planned.
Challenges: One Constant in a Dynamic Industry
The primary cultivation- and business-related challenges for cannabis operations, according to participants, have remained unchanged for the past three years Cannabis Business Times has published the “State of the Cannabis Cultivation Industry Report.”
VIEW or DOWNLOAD the full State of the Industry report here. 2
- Cannabis Business Times: 2020 State Of The Industry Report: http://magazine.cannabisbusinesstimes.com/article/june-2020/2020-state-of-the-industry-report-nexus-greenhouse-systems.aspx
- PDF Download: 2020 State Of The Industry Full Report: http://giecdn.azurewebsites.net/fileuploads/document/2020/05/29/SOI%20Book%20-%20high%20res.pdf