A new report from BDSA shows significant growth in Cannabis consumption over the past year, increasing 41% in year-over-year in 2021. By the end of this year, the industry is expected to reach almost $31 billion and will surpass $62 billion in the next five years, growing at a rate faster than 15%. In the United States alone, sales are expected to reach past $24 billion in 2021.
United States drivers-
- Mature markets in the United States continued to see strong growth during the first half of 2021. California, the largest legal cannabis market in the world, saw the largest gain, growing 25%.
- New markets are developing at an ever-increasing rate. Illinois and Massachusetts contributed more than double the spending in the first half of 2021 versus 2020, while Arizona became the fastest state on record to transition from medical-only to adult-use.
- Emerging markets drive growth in out-years and are representative of a long-term trend. Emerging markets include Connecticut, New Jersey, New York, New Mexico, Virginia, and South Dakota.
- Cannabis sales in Canada will total $4 billion in 2021 and are forecast to grow to $6.7 billion in 2026, a CAGR of 11%. Ontario, the largest cannabis market in Canada, is spearheading this boost, growing by almost 90% YoY in 2021.
- BDSA forecasts international sales will reach nearly $7.9 billion in 2026, up from $1.7 billion in 2021. International sales continue to be driven by medical cannabis markets in Mexico, Germany, and the U.K.