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The U.S. legal cannabis sales reached $17.5 billion in 2020 according to the Arcview/BDS report and experts estimate that 2021 sales passed $25 billion (about $18 billion of adult-use sales and $7 billion for medical sales) and by 2024 could be as high as $35 billion.

Although the use of cannabis is illegal under the federal law and the federal government classifies cannabis as a schedule 1 drug, 76% of the U.S. states have legalized it in some form. Most states legalized it only for medical purposes, but 19 states – Alaska, Arizona (2020), California, Colorado, Connecticut (2021), Illinois (2019), Maine, Michigan (2018), Montana (2020), Nevada, New Jersey (2020), New Mexico (2021), New York (2021), Massachusetts, Oregon, South Dakota (2020), Vermont (2020), Virginia (2021) and Washington – have gone further, legalizing the recreational use.

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Canadian cannabis market has been steadily growing. The country has seen an average of a 10 percent increase each month in the number of Canadian patients signed up to receive medical cannabis. The sale of dried cannabis has grown steadily at 6 percent a month, and the sale of cannabis oil has been growing by 16 percent a month.

Medical cannabis patients spent $242 million on cannabis in the first half of 2021, down from $294 million in the second half of 2020 and 23% lower than the record $316 million spent in the final six months of 2017, according to MJBizDaily.

The federal government legalized recreational cannabis on October 17th, 2018 and sales at cannabis stores in the first three months after legalization totaled $151.5 million and reached $1,186 million in 2019, $2,625 million in 2020 and twelve months of 2021 brought in over $3,900 million according to Statistics Canada.

Canadian Cannabis Market Forecast

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