By Brightfield Group recently released its “US Cannabis Market Forecast” on February 16th. It presents comparative data for cannabis sales in 2022 and five-year sales projections from 2023 to 2028. The cannabis industry is projected to surpass his $31.8 billion in annual sales by the end of this year and reach $50.7 billion by 2028, according to reports.
The cannabis industry has recently seen sales decline in some markets such as Arizona and Colorado. Matt Zener, insights manager for his group at Brightfield, said the outlook for cannabis sales stems from the expansion of cannabis into other markets. “2022 is a big year for cannabis, with seven state markets (six adult and one medical) launching sales, four of which launched later this year,” Zehner said. forbes“These markets are expected to see substantial growth throughout the year, especially in populous states such as New Jersey and New York. The year is practically the first year on the market.”
This pace is expected to continue throughout the year as states such as Maryland prepare to launch adult programs. Zehner also cites Maine and Michigan as steadily growing markets.
On a regional scale, Brightfield Group says the eastern United States could become a multistate hub for cannabis. On the East Coast, nine states have medical cannabis and seven have legalized adult-use cannabis.
Adult cannabis sales from West Coast states, particularly Colorado and Washington, could grow to $11.5 billion by the end of 2023 and $15.3 billion by 2028. Like Arizona and New Mexico, they also contribute to this forecast. However, medical cannabis sales on the West Coast are expected to decline from $2.3 billion in 2022 to $2 billion in 2028.
Explosive growth is expected in the Midwest, and sales will begin soon in Missouri. The states of Ohio and Minnesota are not yet approved for adult sale, but those markets are expected to become legal within the next few years.
The southern regions of the United States, which are primarily focused on medical cannabis sales, are likely to see the least growth.
Brightfield also surveyed the popularity of the cannabis product category, with flowers still leading the industry with $11.6 billion in sales in 2022, followed by vape products with $5.9 billion in sales by the end of last year, and finally found that infused beverages reached $290 million. In 2022 he could reach $640 million by 2028.
Other market reports have also found how the expansion of cannabis and psychedelic drugs in general will continue to grow. ) is likely to reach $4.87 billion in 2022 and $11.82 by 2029.
The market is already becoming more competitive, with companies eager to gain a foothold in the business, but also because of the increased acceptance of psychedelics for certain medical conditions, according to the report. “Rising prevalence of depression and other psychiatric disorders across the world and growing demand for treatment are key factors compensating the growth of the psychedelics market,” said the report. “Additionally, lifestyle changes and the desire for a higher quality, better life [are] It is expected to contribute to the growth of the market. Also, increasing R&D initiatives in the field of psychedelic medicine are projected to drive market expansion during the forecast period. “
Similarly, the hemp industry is on the rise and is projected to reach up to $18.1 billion by 2027.
