The cannabis industry data experts at BDSA Analytics released a global cannabis sales forecast that projects a 22% rise in sales, capping the market at $35 billion compared to the $29 billion in 2021.
Impressive growth for the cannabis industry in the United-States
According to the analyst firm, the opening of new cannabis markets in the United States increased the industry’s output and generated more revenues and activity in the United States. Today, 430,000 people are now working in the cannabis industry in the United States.
“New Jersey’s launch of adult-use sales, expected in the second quarter, will likely cause the most substantial jump in any market in the US in 2022,” says BDSA’s Chief Commercial Officer Jessica Lukas.
In the United States, two of the fastest-growing regions in the Midwest, Illinois, and Missouri recently legalized cannabis. The report predicts that states like Florida, New Jersey, New York, and Michigan will also experience strong growth within the next five years.
“Georgia, New Mexico, and Montana are also expected to add considerable growth in 2022 with new or expanded medical and/or adult-use markets. As always, despite slowing growth, California is and will continue to be the largest US cannabis market and the largest global cannabis market,” said Jessica Lukas, assuming the state manages to simplify market access for businesses, until here heavily taxed, and for consumers. Only 23% of Californian cities indeed authorize the presence of cannabis companies on their territory, a blockage which in fact benefits the black market.
The medical cannabis industry keeps growing.
“Mexico leads in the near-term,” with medical regulations in place and a Supreme Court decision that has cleared the way for adult use in 2023. Germany’s medical market is growing slowly,” said Lukas.
International markets, which only allow the sale of medical cannabis, reached $1.4 billion in sales in 2021. In 2022, this figure is expected to reach $2.2 billion.
According to the report, countries such as Germany, France, and the United Kingdom will also be important actors in the international cannabis market.
