Cannabis market investor network Arcview Group and data firm BDS Analytics have, for the first time, included the total cannabinoid market in their annual “State of Legal Cannabis Markets” report and estimate global cannabis sales could reach $14.9 billion in 2019 – a 36 percent increase over last year, according to a CNN overview of the report.
The firms included both recreational and medical cannabis sales, hemp-derived products, including CBD, and CBD-based pharmaceuticals approved by the U.S. Food and Drug Administration.
Troy Dayton, Acrview CEO, attributed the boosted projections to global federal government decisions, including the passage of last year’s farm bill which removed hemp from the U.S. Controlled Substances Act.
“These decisions being made at the federal level put pharmacies and general retailers in the business of selling CBD-based products in all 50 states, which substantially boosted the [projections].” — Troy Dayton, in a statement
The firms predict that CBD sales will hit $20 billion in six years, while both recreational and medical cannabis sales will reach $44.8 billion by 2024 worldwide – assuming some European and Latin American national legalize cannabis for medical or recreational use. The researchers predict at least five states will legalize cannabis for recreational use in the U.S. – Arizona, Maryland, New Jersey, New Mexico, and New York – by 2024.
Two of those state legislatures – New York and New Jersey – did attempt to pass the reforms this session but neither could come to an agreement to pass adult-use legislation.
The analysis also predicts that Canada will have a $5 billion cannabis market by 2024.