Category: Cannabis

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. The recreational cannabis market will cover about 67% of the spending while medical cannabis will take up the remaining 33%.

Analysts estimate the overall cannabis market for legal adult-use and medical sales in North America grew to $30.5 billion in 2022 and reached $33.6 billion in 2023, with an annual growth rate of 10%, as more states legalize cannabis for recreational use and existing markets are maturing, and it is projected to grow to $46.5 billion by 2027.

While there are 39 million people in Canada and 340 million in the United States, the Europe is home to over 740 million. 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.

Latin America has a prospective market of over 35 million adult use customers and 4 million patients. The size of the Latin America cannabis market has an estimated market value of $140 million in 2023 and is projected to be driven by Brazil, Mexico, and Colombia with a CAGR of 104%. Those countries are expected to account for 32% of legal cannabis spending outside the U.S. and Canada.

Based on analyses of Australia, New Zealand and multiple independent island nations in the region, the medical cannabis market is estimated to be worth US$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.

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.