In a new report, cannabis industry data and insight firm BDSA estimates that global cannabis sales for 2021 will near $31 billion—an increase of 41% of last year’s sales. The analysts also suggest that global sales will reach $62.1 billion by 2026, representing a compound annual growth rate (CAGR) of more than 15%.
In the U.S., BDSA forecasts cannabis will surpass $24 billion this year, a growth of 38% over 2020’s sales, and anticipates the U.S. to reach $47.6 billion in 2026, a CAGR of 14%.
Kelly Nielsen, vice president of insights & analytics for BDSA, said that the industry “continues to show exceedingly rapid growth, particularly within the U.S. market.”
“New markets, both medical and adult-use, are developing at a faster pace than observed in the past, and states are transitioning from medical-only to fully legal in a shorter time frame. … The industry continues to thrive, with sales exceeding expectations in several markets. This, compounded with more states passing legislation to legalize cannabis, drove the increase in BDSA’s outlook for the industry. The expansion and growth of adult-use markets in the U.S. continue to be the driving force of global cannabis sales.” – Nielson in a press release
In Canada, BDSA predicts cannabis sales this year will total $4 billion and will grow to $6.7 billion in 2026, a CAGR of 11%. BDSA estimates that Ontario, the largest cannabis market in Canada, will spearhead this increase, growing by almost 90% YoY in 2021.
According to the analysis, international cannabis sales will reach nearly $7.9 billion in 2026, up from $1.7 billion in 2021. BDSA said that international sales will be driven by medical cannabis markets in Mexico, Germany, and the U.K.
In June, Mexico’s Supreme Court decriminalized cannabis nationwide for adults but the order does not force the nation to allow legalized sales. In Germany and the U.K., non-medical cannabis use remains outlawed.
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