Global cannabis sales will increase by 22% in 2022 to reach over $35 billion, according to BDSA’s latest 5-year rolling market forecast update. Last year’s global cannabis sales reached $29 billion. BDSA forecasts global cannabis sales to grow to $61 billion by 2026, reaching a compound annual growth rate (CAGR) of more than 16%.
Which US cannabis markets are growing the fastest?
New markets in the US saw the strongest growth in 2021, particularly in the midwest. Illinois saw a ~70% growth in sales totaling $1.8 billion, and Missouri’s medical market reached $210 million. Emerging cannabis markets are expected to be a big driver of sales leading up to 2026.
In the US, legal cannabis sales will surpass $28 billion, growing ~20% from the $24 billion reported in 2021. BDSA expects US cannabis sales to reach $46 billion in 2026. California’s cannabis market is expected to remain the largest contributor of overall sales growth ahead of New York, New Jersey, Florida, and Michigan.
How big is the Canadian cannabis market?
Canadian cannabis sales reached an estimated $3.8 billion last year and are expected to hit $4.7 billion in 2022. By 2026, they are expected to reach nearly $6.3 billion, a CAGR of 11% from 2021. Ontario is set to spearhead this growth, followed by British Columbia.
What can we expect from international cannabis markets?
Internationally, cannabis-derived pharmaceuticals were estimated at $1.4 billion in spending for 2021 and forecast to reach $2.2 billion in 2022. By 2026, international sales are expected to reach $9.5 billion, a CAGR of ~46% from 2021. German and Mexican cannabis markets are set to provide the bulk of new spending, followed by France and the U.K.