BDSA update of cannabis market forecast projects $62.1B in sales by 2026
US growth up 38% in 2021 compared with 2020
Boulder, Colo.-based BDSA announced an update of its cannabis market forecast, a five-year rolling global forecast by country, state, province, channel and category. Cannabis sales for 2021 will near $31 billion, an increase of 41% more than 2020 sales. Further, BDSA forecasts global cannabis sales to grow from $30.6 billion in 2021 to $62.1 billion in 2026, a compound annual growth rate (CAGR) of more than 15%.
“The cannabis industry continues to show exceedingly rapid growth, particularly within the U.S. market,” said Kelly Nielsen, vice president of insights and analytics for BDSA, in a statement. “New markets, both medical and adult-use, are developing at a faster pace than observed in the past, and states are transitioning from medical-only to fully legal in a shorter time frame.