Global cannabis sales will reach $55 billion by 2027

Global cannabis sales will reach $55 billion by 2027

Cannabis analytics firm BDSA has updated its ongoing five-year forecast for the global cannabis market and now predicts the industry will be a $55 billion market by 2027. This significant increase is primarily attributable to the expected increase inrecreational marijuana sales, especially in the Midwest and northeastern U.S. marijuana markets. 

According to the analytics firm, cannabis markets in the Midwest and Northeast will drive a global compound annual growth rate of nearly 11 percent from 2022 to 2027. Of the projected $55 billion global market, the United States will account for $43 billion, with adult-use cannabis sales accounting for $35 billion. 

"New York, Missouri, New Jersey, and Maryland will experience significant market growth, with New York and New Jersey each expected to be worth $2.5 billion by 2027," BDSA CEO Roy Bingham said in a press release. "While mature markets such as California and Colorado continue to face stagnant or declining sales, Michigan has become the exception and is projected to become a $3.8 billion market by 2027." 

The BDSA forecasts that California will return to sales growth in 2025 and reach $5.24 billion in 2027. Colorado is expected to grow at a much slower rate, reaching $1.6 billion in 2023 and $1.7 billion in 2027. 

The company expects the Canadian cannabis market to reach $4.6 billion by 2023 and $5.3 billion by 2027. 

BDSA forecasts that the market outside North America will grow 38 percent and reach $2.4 billion in sales by the end of 2023. The international market is expected to grow at a compound annual growth rate of 29% from 2022 onwards and reach $6.3 billion by the end of 2023. Adult sales are expected to be the main driver of growth in the international market by 2027.

Green Wednesday, the day before Thanksgiving (or should it be Danksgiving), saw a record number of sales. According to data collected by Jane Technologies, recreational sales reached over $9.2 million on Nov. 22. That's an 18.12% increase from sales data in 2022. 

Adult-use cannabis sales on Nov. 22 also increased by 90.5% in comparison to sales on the three previous Wednesdays, including Nov. 1, Nov. 8, and Nov. 15, which collected a total of $4,833,890.74.

In products for Green Wednesday sales, flower led the way with the most sales, clocking in at $3,352,845.91, followed by vape-related products at $2,533,166.62, edibles at $1,207,840.33, pre-rolls at $963,026.92, and lastly, extracts with $448,520.89.

According to its website, Jane Technologies serves dispensaries in Arizona, Arkansas, California, Colorado, Connecticut, Florida, Illinois, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington. Among these, the states with the highest sales revenue included Illinois ($2,868,215.31), California ($1,084,388.39), New Jersey ($880,127.66), Maryland ($758,727.23), and Washington ($709,599.95).

Black Friday reports are still rolling in, but traffic was high in many markets. Reports from Michigan show long lines and interest in special deals. But if you missed out on the Black Friday sales, don't panic. There will be plenty of sales in the run-up to the Christmas holidays. 

LOOKAH will run a number of Xmas sales from Dec. 11 through to the 25th. So there's still plenty of time for some last-minute gift shopping or to snap up a great deal on some new glass bongs or heavily discounted vapes.