U.S. Cannabis Sales Projected At $24 Billion For 2021September 28, 2021
Global cannabis sales are expected to reach $30.6 billion on 41% growth this year, with the U.S. market accounting for nearly 80% of the total, according to market research firm BDSA. Led by California, the largest legal cannabis market worldwide, the U.S. is projected to see sales increase to $47.6 billion by 2026 on a compound annual growth rate of 14%.
Contributing to U.S. momentum are both established markets like California, which was up 25% in the first half of the year, according to BDSA, as well as newer adult-use markets like Illinois and Massachusetts. Those two states more than doubled cannabis sales year-on-year in the first half.
Arizona is another market to watch, having completed a rapid transition from medical-only to adult-use sales, and gains in the coming years are also expected from emerging legal markets in Connecticut, New Jersey, New York, New Mexico, Virginia, and South Dakota. Globally, BDSA forecasts cannabis sales to grow from $30.6 billion in 2021 to $62.1 billion in 2026.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
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