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Report: global cannabis sales are expected to reach $35 billion in 2022
According to cannabis industry researchers at BDSA, global cannabis sales will exceed $35 billion this year.
According to BDSA cannabis industry analysts, global sales in the cannabis industry will exceed $35 billion this year, signifying a 22% rise over last year’s sales of $29 billion. The business also predicts that global cannabis sales would exceed $61 billion by 2026, representing a compound annual growth rate (CAGR) of more than 16 percent.
“Despite sales softening in most legal cannabis markets in the second half of 2021, the global cannabis market is predicted to increase rapidly in 2022, driven by high sales in new and emerging markets in the United States, sustained growth in Canada, and overseas markets led by Mexico and Germany.” BDSA Chief Commercial Officer Jessica Lukas, in a press release.
According to the BDSA, legal cannabis sales in the United States will exceed $28 billion this year, up from $24 billion in 2021, and BDSA expects sales to reach $46 billion in 2026, reflecting a CAGR of nearly 14% from 2021. California will be the “largest contributor” to overall U.S. cannabis sales growth over the next four years, according to the report, with New York and New Jersey (which have yet to launch adult-use sales), Florida (which has not yet legalized cannabis for adults), and Michigan rounding out the top five.
According to the BDSA analysis, cannabis sales in Canada, which legalized adult-use cannabis in 2018, hit $3.8 billion last year, and the firm expects sales to rise to $4.7 billion this year and over $6.3 billion by 2026, or an 11 percent increase over 2021. According to the BDSA, Ontario will “spearhead” Canada’s growth, increasing by more than $1.3 billion by 2025, while British Columbia will add $420 million to overall sales by 2026.
According to the BDSA, spending on legal cannabis products, including cannabis-derived medications, outside of the United States and Canada is expected to be $1.4 billion in 2021, rising to $2.2 billion in 2022. According to the corporation, international sales would reach $9.5 billion by 2026, representing a CAGR of nearly 46 percent from 2021. According to BDSA, Germany and Mexico will drive the majority of the new spending, with France and the United Kingdom also playing a key role.