Global marijuana sales expected to exceed $35 billion by 2022
Written by Redacción Mota Radio on 16 March, 2022
The marijuana industry records substantial revenues every year, and it seems that 2022 will be no exception. According to the most recent report from the firm BDSA, global cannabis sales this year are expected to reach more than $35 billion, growing by approximately 22% year on year.
Likewise, the cannabis market intelligence and research firm that global marijuana sales could exceed $61 billion by 2026, a compound annual growth rate of more than 16%.
“While most legal cannabis markets experienced a decline in sales in 2021, the global cannabis market is expected to grow in 2022, driven by sales in emerging markets in the U.S., in Canada, and markets such as Mexico and Germany,” said Jessica Lukas, chief commercial officer at BDSA.
U.S. marijuana sales
In the U.S., marijuana sales are expected to exceed $28 billion by 2022, while by 2026 they are forecast to reach $46 billion.
The company predicts that California will remain the largest domestic market, with states such as New York, New Jersey, and Florida experiencing strong growth this year.
“Emerging markets are also expected to be a major driver of sales through 2026, as the number of non-legal states is declining rapidly,” according to the BDSA report. “The pace of legalization could even increase as the latest wave of medical and adult-use bills is receiving unprecedented bipartisan support at the state level.”
As reviewed by El Planter, the firm BDSA predicts that legal cannabis sales in Canada will increase to $4700 million in 2022 and almost $6300 million in 2026.
Also, in its report, the firm notes that other markets (outside the U.S. and Canada) spending are forecast to increase to $2200 million in 2022. And by 2026, international marijuana sales are expected to total $9500 million.
“Most of the [cannabis] spending will be driven by Germany and Mexico, although France and the UK will also contribute significantly,” BDSA said.