The Brightfield Group recently released its “U.S. Hemp Market Outlook” on February 16, which provides comparisons data from cannabis sales in 2022, and a five-year sales forecast between 2023 and 2028. According to the report, the cannabis industry is poised to reach more than 31.8 billion dollars in annual sales by the end of this year, with a forecast of $50.7 billion by 2028.
The cannabis industry has recently seen declining sales in some markets, such as Arizona And Colorado. The outlook for cannabis sales is attributed to the expansion of cannabis into other markets, says Matt Zenner, Brightfield Group’s director of insights. “2022 was a big year for cannabis, with seven state market sales (six adult products, one medicinal), and only four in the latter half of the year,” Zenner said. Forbes. “These markets are expected to grow significantly over the course of the year, particularly in densely populated states such as New Jersey And New York, both of which have had fairly slow openings thus far. New York sales only started in the last few days of 2022, so 2023 is effectively the first year for the market.”
This pace is expected to continue throughout this year, with countries such as Maryland She is preparing to launch a program for adults as well. Zenner was also martyred who And Michigan As a market, it has experienced steady growth.
On a regional level, the Brightfield Group states that the eastern United States has the potential to be a multi-state center for cannabis. Nine states on the East Coast have medical cannabis, and seven have legalized adult use of cannabis.
Adult use cannabis sales from West Coast states, specifically Colorado and Washington, could grow to $11.5 billion by the end of 2023, and $15.3 billion by 2028. Not to mention, states that have recently started adult use sales, such as Arizona And New Mexico, will also contribute to this projection. However, medical cannabis sales on the West Coast are expected to decline, from $2.3 billion in 2022 to $2 billion by 2028.
An explosion of growth is expected in the Midwest, with sales starting soon in Missouri. Although adult use sales have not yet been approved in Ohio or Minnesota, legalization is expected for these markets within the next few years.
The southern region of the United States is likely to see the least amount of growth, primarily focused on medical cannabis sales.
Brightfield also examined the popularity of cannabis product categories and found that florals continue to lead the industry with sales of $11.6 billion in 2022, followed by vape products with sales of $5.9 billion by the end of last year, and finally infused beverages, which reached $290 million in 2022. It could reach $640 million by 2028.
Other market reports also found how cannabis will continue to grow, as well as the expansion of psychedelic drugs in general. According to a report from Brandessence Market Research published in January, the global market for narcotic drugs (eg psilocybin, ketamine, LSD) could reach $4.87 billion in 2022 and $11.82 by 2029.
The report notes that the market is already becoming fiercely competitive, both with companies eagerly trying to get a foothold in their businesses, but also due to the rise in acceptance of narcotic medications for certain medical conditions. “In addition, the increasing prevalence of depression and other mental disorders worldwide and the growing demand for treatment are major complementary factors to the growth of the psychedelic drug market,” The report states. Moreover, changes in lifestyle and the desire for a better and better quality of life [are] It is expected to contribute to the growth of the market. Increase in R&D initiatives in the anesthetic medicine segment is also expected to drive market expansion during the forecast period.”
Likewise, the cannabis industry It’s rising too, with a forecast of $18.1 billion by 2027.
*****
Are you looking for marijuana business guides and books about cannabis? Then you should not miss our online bookstore with hundreds of books about cannabis, CBD, THC and more!
*******
