BOULDER — BDS Analytics Inc., a Boulder-based cannabis market intelligence and research company, expects global cannabis sales in 2021 to near $31 billion, a 41% increase over last year.
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The vast majority of those sales — $24 billion — occurred in the United States.
“The cannabis industry continues to show exceedingly rapid growth, particularly within the U.S. market,” Kelly Nielsen, vice president of insights and analytics at BDSA, said in a prepared 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.”
Mature markets, such as Colorado and California, continue to see strong growth while newer markets such as Illinois and Massachusetts “are developing at an ever-increasing rate,” according to the BDSA report released Tuesday.
“The industry continues to thrive, with sales exceeding expectations in several markets. This, compounded with more states passing legislation to legalize cannabis, drove the increase in BDSA’s outlook for the industry. The expansion and growth of adult-use markets in the U.S. continue to be the driving force of global cannabis sales,” Nielsen said.
Looking ahead, BDSA anticipates global cannabis sales to reach $62.1 billion in 2026, a compound annual growth rate of more than 15%.