BDSA: Worldwide legal cannabis sales could hit $58B by 2028

LOUISVILLE — BDS Analytics Inc., a local cannabis market intelligence and research company, projects that global legal cannabis sales could reach $58 billion by 2028.

Last year, worldwide legal weed sales were $36 billion. Of that total, the U.S. markets accounted for $29.5 billion, according to BDSA. “Sales are expected to grow to $32.4 billion this year, and reach $46 billion in 2028.”

The Louisville-based company “forecasts (global) sales to grow at a compound annual growth rate of 10% from 2023 to 2028, resulting in a $58 billion market by 2028. The growth of legal cannabis sales has been largely driven by U.S. markets, and particularly fueled by the adult-use channel.”

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States in the U.S. where recreational cannabis sales are permitted “currently represent approximately 56% of total global cannabis sales, and are poised to claim an even larger share of global sales in the coming years as U.S. medical markets contract,” BDSA CEO Roy Bingham said in a prepared statement. “The cannabis industry is incredibly dynamic, with each market facing unique regulatory changes and industry pressures. Looking ahead to 2028, emerging adult-use states, particularly those on the East Coast and in the Midwest, are expected to contribute the strongest increase to total U.S. and global sales.”