International cannabis sales are expected to reach $35 million

Cannabis sales are increasing. A new report shows a 22% increase in sales compared to 2021, capping the market at $35 billion.

Collected by BDSA Analytics and reported by Forbes, the data shows the impressive growth the cannabis market has seen in just one year.

Data experts predict that the opening of new cannabis markets will boost industry output, generating more money and activity in the United States. “The expected second quarter launch of adult sales in New Jersey will likely be the largest jump of any market in the United States in 2022,” said Jessica Lukas, BDSA’s chief commercial officer.

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In the US, the area with the greatest growth was the Midwest, with Illinois and Missouri boosting sales due to newly functioning cannabis markets. The company predicts that states like Florida, New Jersey, New York and Michigan will see strong growth within five years.

One thing that will remain constant is California’s dominance of the cannabis market. “California remains the largest US cannabis market and the largest global cannabis market,” Lukas said.

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Internationally, Canada leads with a turnover of 4.7 billion US dollars. Mexico ranks second, with the Supreme Court authorizing adult cannabis use through 2023. Countries like Germany, France and the UK are expected to make a dent in international sales in the near future, making slow but steady progress.