Report published by Cannabis Data Company BDSA predicts global cannabis sales to rise to $57 billion by 2026. This is up from $30 billion in global cannabis sales collected in 2021.Global market forecast‘, published Sept. 13, reviews the milestones the cannabis industry is expected to reach in the next five years.
BDSA CEO Roy Bingham said, “The ‘hockey stick’ trend of sales growth seen in the early days of legal cannabis has passed, and economic and regulatory headwinds are putting pressure on the legal cannabis market.” said. press release“Nevertheless, our latest projections show that steady gains in the developing US market will sustain single-digit annual growth in US legal sales in 2022, with growth expected through 2026. I expect it to continue.”
The report also states that in the United States, Revenue to grow from $25 billion in 2021 to $42 billion in 2026and accounts for approximately 75% of total global cannabis sales.
How BDSA responds Market price of mature cannabis Experiencing historically low prices. Adult sales continue to decline, according to the Colorado Department of Revenue. Recreational sales in June 2022 he reached $127,157,358, while in June 2021 he reached $152,719,813. Medical cannabis sales in Colorado have followed a similar decline compared to last year’s sales data.
However, BDSA adds that states such as Oregon and Washington have implemented moratoriums to prevent oversupply. However, newer markets such as Illinois have continued to perform well, with total sales so far in 2022 he posted at $2 billion (14% more than sales collected in 2021). increase. The report notes that markets such as New Jersey, which recently launched adult programs, and New York, which will soon be preparing to sell recreational cannabis, will contribute significantly to U.S. sales by 2026.
Between New Jersey and New York there are 22 million adults expected to contribute $5 billion to the total $42 billion expected to be collected in 2026. Top-line growth is expected to continue in 2022, driven by strong sales in emerging markets such as populous New Jersey and New York. ” bingham said“The United States will continue to dominate global sales for years to come, but we see potential in emerging global markets such as Germany and Mexico.”
Medical marijuana sales continue to decline, especially in markets like Arizona, which recently legalized adult sales. “BDSA expects annual sales in the medical channel in Arizona to be 30% lower than total annual sales in 2021 and approximately half of total annual sales in 2020. It’s the last year of sales for . BDSA State in a press release. “By contrast, the Colorado medical channel experienced moderate annual sales growth for about two years after the adult market launched in 2014.”
On an international scale, large nations continue to ramp up their medical and recreational cannabis programs. Germany has recently hit a roadblock over fears that reform measures for adults will be rejected by the European Union.Mexico cannabis decriminalized Last summer, cannabis for adult use was still not legal. Smaller countries are starting to take action, such as the U.S. Virgin Islands, which released draft medical cannabis regulations in August. The British territory of Bermuda recently made plans to implement a legalization bill, but was rejected by British authorities.