The United States would account for $43 billion of the forecasted $55 billion
Cannabis analytics firm BDSA updated its ongoing five-year forecast for the global cannabis market which now predicts the industry will reach a market size of $55 billion by 2027. The substantial growth is primarily attributed to the expected increase in recreational cannabis sales, particularly in Midwestern and Northeastern U.S. cannabis markets.
According to the analytics firm, the cannabis markets in the Midwest and Northeast are driving a global compound annual growth rate of nearly 11% from 2022 to 2027. The United States would account for $43 billion of the forecasted $55 billion global market, with adult-use cannabis accounting for $35 billion of sales.
“New York, Missouri, New Jersey and Maryland are set to experience significant market growth, with New York and New Jersey each projected to be $2.5 billion markets by 2027,” BDSA CEO Roy Bingham said in a press release. “While mature markets like California and Colorado continue to face stagnating or declining sales, Michigan has emerged as an outlier and is expected to become a $3.8 billion market by 2027.”
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