The cannabis industry’s growth has often been compared to the look of a hockey stick. A low plateau, then a gradual and steady incline that’s showing no signs of slowing down.
Colorado-based cannabis research market firm, BDSA, announced its most recent report that shows how global cannabis sales are expected to reach a whopping $57 billion by 2026.
What’s even more interesting is the impact the United States has on this number. BDSA noted how by 2026, the country’s total cannabis sales will peak at $42 billion, making up 75% of global cannabis sales.
Just last year, cannabis sales in the United States reached a generous $25 billion. Although inflation hasn’t been on our side, weed sales still aren’t quitting. By the end of 2022, BDSA reports a 7% increase from last year, with total weed sales at $27 billion.
Interestingly, it looks like the states that first legalized recreational cannabis aren’t experiencing that much growth. This includes markets like:
- Colorado
- California
- Washington
- Oregon
It’s the newer markets that are expected to bring in the bucks. For example, Illinois weed sales are expected to increase by 14% from 2021, reaching $2 billion by the end of the year.
BDSA reports that the newer markets are what will help the United States reach $42 billion in sales by 2026. That includes states like New Jersey and New York, the former that recently launched recreational sales and the latter that will soon do the same.
With such densely populated states now having access to legal cannabis, BDSA says that “represents an expansion of legal cannabis access to approximately 22 million adults, who are forecast to contribute roughly $5 billion to the $42 billion legal sales total in 2026.”
Source: Herb.
