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Wednesday, Oct 5, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

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Global cannabis sales will top $35B this year: BDSA

By 2026, the firm expects most international sales growth to be led by Mexico and Germany

Global cannabis sales will top $35B this year BDSA
Customers shop at Planet 13's 112,000-square-foot cannabis superstore in Las Vegas. Photo via Planet 13

According to a new five-year market forecast from analytics firm BDSA, global cannabis sales will reach over US$35 billion this year, a 22-per-cent jump from US$29 billion in 2021.

The Colorado-based analytics company also forecasts global sales of US$61 billion by 2026.

The data, released Wednesday, show what sales are expected throughout 2022, what the industry will look like by 2026 and what factors are driving growth in the United States. It compares cannabis sales in 2022 to 2021, and which emerging markets are on the rise.

“Though most legal cannabis markets saw sales soften in the second half of 2021, the global cannabis market is expected to see brisk growth in 2022, driven by strong sales in new and emerging markets in the U.S., steady growth in Canada and international markets lead by Mexico and Germany,” BDSA communications lead Jessica Lukas said in a statement.

Read more: Sales spikes and other Halloween cannabis data trends with BDSA

Read more: Global cannabis sales grow 41% in 2021: BDSA

New U.S. markets showed strong growth last year

According to the firm, sales in the U.S. are set to surpass US$28 billion next year, a 20-per-cent increase from this year’s US$24 million.

New markets in the country showed some of strongest growth last year, with sales in Illinois rising 70 per cent to US$1.8 billion, and Missouri’s medical market reaching US$210 million in sales.

But cannabis titan California will remain the largest contributor to U.S. sales growth, followed by large markets in New York, New Jersey, Florida and Michigan.

Canadian cannabis sales are estimated to reach US$3.8 billion this year, and climb 11 per cent next year. Ontario, Canada’s largest market, is expected to grow to more than US$1.3 billion by 2026.

Read more: New Canadian data service will expose industry blind spots, says BDSA

New international sales driven by Mexico and Germany in 2026

The firm also found that revenue sales from cannabis products and cannabinoid-based pharmaceuticals, outside the U.S. and Canada, were US$1.4 billion last year and forecasts those to almost double this year.

BDSA expects international sales to reach US$9.5 billion by 2026, with most sales growth driven by Germany and Mexico, with significant contributions from the United Kingdom and France.

 

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