In 2020, global cannabis sales reached $20.2 billion, an increase of 40% over 2019. Global market was valued at $28.8 billion in 2021, an increase of 43% over 2020, and about $31.3 billion in 2022, an increase of 9% over 2021. In 2023 global cannabis sales exceeded $35 billion (up 12% from 2022).

Cannabis Legalization World Map

Spending on legal cannabis worldwide is expected to reach nearly $50 billion by 2026 at a compound annual growth rate (CAGR) of 16% from 2020 and hit $57 billion by 2030, while cannabis market in the United States and Canada is estimated to be about $46.5 billion and other $10.5 billion would go to other markets. The largest growth rate is predicted within the rest-of-world markets with a projected $2 billion in 2030. The recreational cannabis market will cover about 67% of the spending while medical cannabis will take up the remaining 33%.

Legal medical cannabis spending outside the U.S. and Canada increased 60% in 2023 compared to 2022, from $0.9 billion to nearly $1.4 billion, largely due to markets in Australia and Europe. International cannabis sales are projected to grow in value to about $3.5 billion in 2026 at a CAGR of 37%.

Key Trends:

• The initial decision by many U.S. states and Canada to create medical-only cannabis regulations prompted many other countries to act similarly while legalization of adult recreational use in Canada and in nearly 50% of U.S. states triggered a second wave of legalizing laws internationally to increase access to cannabis products.
• Reports prepared by London-based advisory group Prohibition Partners value the European legal cannabis market at €354 million in 2022 and €516 million in 2023. Total cannabis sales are forecast to grow with a CAGR of 45% to reach €2.1 billion by 2027.
• Oceania’s legal cannabis market is forecast to grow from about $100 million in 2021 to $1.2 billion in 2027, the 5th largest in the world. Australians spent around $234 million in 2022 and cannabis sales almost doubled in 2023.
• The size of the Latin America cannabis market has an estimated market value of $82.3 million in 2022 and is projected to be driven by Brazil and Mexico with a CAGR of 104%. Those countries are expected to account for nearly 32% of legal cannabis spending outside the U.S. and Canada.
• According to a New Frontier Data report, Africa with over 10% of global cannabis demand will rank fourth after North America, Europe and Latin America.

Global Cannabis Market Infographics