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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 projects the industry to be a $55 billion market by 2027. This significant increase is primarily due to the expected increase in recreational marijuana sales, particularly in the marijuana markets in the Midwest and Northeast of the United States.

According to the analytics firm, cannabis markets in the Midwest and Northeast will achieve 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 recreational 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 valued at $2.5 billion by 2027,” BDSA CEO Roy Bingham said in a press release. “While mature markets like California and Colorado continue to face stagnant or declining sales, Michigan is an exception and is expected to become a $3.8 billion market by 2027.”

The BDSA forecasts that sales in California will begin to increase again in 2025 and reach $5.24 billion in 2027. Colorado is expected to grow much more slowly, 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 by 38 percent, reaching $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, reaching $6.3 billion in sales by the end of 2023. By 2027, adult-use sales are expected to be the main growth driver in the international market.

On Holy Wednesday, the day before Thanksgiving (or should it be Dankgiving), there was a record sales. According to data collected by Jane Technologies, recreational sales reached over $9.2 million on November 22nd. That's an increase of 18.12% over 2022 sales data.

Recreational cannabis sales also increased 90.5% on November 22 compared to sales on the three previous Wednesdays (November 1, 8 and 15), which totaled $4,833,890.74.

Among the products for the Green Wednesday sale, flower led the way at $3,352,845.91, followed by e-cigarette products at $2,533,166.62, edibles at $1,207,840.33, pre-rolled cigarettes at $963,026.92, and finally extracts at $448,520.89.

According to its website, Jane Technologies supplies pharmacies 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. 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 coming in, but traffic has been heavy in many markets. Reports from Michigan show long lines and interest in special offers. But don't panic if you missed the Black Friday deals. There will be plenty of special offers in the run-up to Christmas.

LOOKAH will present a series of Christmas offers from December 11th to December 25th, so there's still plenty of time to shop for last-minute gifts or grab great deals on new glass bongs or heavily discounted vapes.