Global Legal Cannabis Sales Expected to Reach $58 Billion by 2028
A leading market intelligence company, BDSA, has released its latest forecast for the global legal cannabis market. According to the report, the market is expected to grow at a compound annual growth rate (CAGR) of 10% from 2023 to 2028, reaching a total value of $58 billion by the end of the decade.
The United States is expected to dominate the global market, accounting for nearly 80% of total sales. In 2023, U.S. sales reached $29.5 billion, and the company forecasts that this number will grow to $46 billion by 2028. The growth is largely driven by the adult-use channel, with emerging adult-use states on the East Coast and in the Midwest expected to contribute significantly to the increase.
Canada’s cannabis market is also expected to grow, with adult-use sales driving the majority of the market. Globally, legal cannabis markets beyond the U.S. and Canada remain small, but are expected to grow at a CAGR of 24% through 2028, reaching $7 billion.
The company’s CEO, Roy Bingham, attributed the growth to the dynamic nature of the cannabis industry, with each market facing unique regulatory changes and industry pressures. He noted that emerging adult-use states and mature markets that have struggled under price compression and illicit competition are expected to see significant growth in the coming years.
BDSA will discuss its market forecast report in a webinar on March 20, where it will unveil the top cannabis industry growth opportunities in 2024 and analyze industry forecasts through 2028.
