The sales in most legal cannabis markets have not been as strong in the second half of 2021 as before. Yet, the report gives confidence in increased sales growth starting in 2022, mainly due to the contribution of newly emerging markets within the US, Mexico, and Europe.
BDSA is a Colorado-based company that focuses on providing information and data relevant for businesses operating within the global cannabinoid market.
Through their reports, BDSA helps businesses make the right decisions that will increase the chances to improve revenue, reduce risk and prioritise the right markets and products.
The report suggests that 2022 will be an exciting year for the global cannabis industry.
Defined by BDSA as a "bullish rise", the emerging cannabis markets are expected to lead to massive gains.
Based on the analysed data, global cannabis sales in 2022 will reach just over $35 billion. This means a jump of approximately 22% over 2021 sales, which in 2021 were equal to $29 billion - a significant and exciting increase.
According to the report, the growth predicted for 2022 is just the first step in the tremendous growth that is expected to take place in the years to follow.
With more countries expected to legalise in the upcoming years, and with an increasing number of US states allowing adult cannabis use, the sales of cannabis and cannabis products are believed to reach $61 Billion by 2026.
California is the strongest cannabis player in the US and is believed to retain its leadership position, even with cannabis legalisation spreading to other US states.
In Canada, where adult cannabis use has been legal since 2018, steady growth is to be expected. The two provinces expected to grow the most are Ontario (growing over $1.3 billion by 2026) and British Columbia, which is expected to hit $420 million in total sales by 2026.
The remaining money is expected to be made in Mexico and Europe, with Germany leading the way in Europe, followed by France and the UK. The entire international sales are expected to amount to $9.5 billion by 2026.