The cannabis industry is making a lot of money, surpassing predictions and expectations.
Cannabis sales are on the rise. A new report shows a 22% increase in sales compared to 2021, capping off the market at 35$ billion.
The data was acquired by BDSA analytics and reported on by Forbes, and demonstrates the impressive growth that the cannabis market has experienced in just a year.
Data experts predict the opening of new cannabis markets will increase the output of the industry, producing more money and activity in the United States. “New Jersey’s launch of adult-use sales, expected in the second quarter will likely cause the most substantial jump in any market in the US in 2022,” explains Jessica Lukas, BDSA’s chief commercial officer.
In the U.S., the area that experienced the most growth was the Midwest, with Illinois and Missouri bumping up their sales due to newly functioning cannabis markets. The company predicts that within five years, states like Florida, New Jersey, New York and Michigan will experience large growths.
One thing that will remain consistent is California’s dominium of the cannabis market. “California is and will continue to be the largest US cannabis market and the largest global cannabis market,” said Lukas.
On an international level, Canada leads the pack with $4.7 billion in sales. Mexico comes in second, with the Supreme Court approving adult cannabis use by the year 2023. Countries like Germany, France, and the United Kingdom are expected to make a dent in international sales in the near future, making slow but steady progress.