Cannabis edibles are a key driver of legal cannabis sales, accounting for 15% of total spending at present. That share is forecast to increase over time: By 2025, sales of edibles are expected to grow to 2.4 times 2020 sales volume versus 2.1 times growth in the total legal cannabis market—where sales are forecast to expand from $16.2 billion in 2020 to $34.5 billion in 2025.
Cannabis vapes had been the fastest growing product category in legal markets until late 2019, with total monthly sales across Arizona, California, Colorado, Nevada and Oregon growing from $64 million in January 2018 to almost $160 million by August 2019.
Cannabis consumers are a diverse group, as clearly demonstrated by BDSA’s consumer research. At the highest level, BDSA divides respondents into:
When Colorado first launched adult-use (recreational) sales in 2014, the existing medical market opened up to a wave of new consumers, including those from the sizable illicit market as well as new consumers who previously had little or no experience with cannabis.
The popularity of CBD products has exploded in the U.S. in recent years, with sales in the U.S. cannabis dispensary channel alone rising from $8.4 million in May 2016 to $56.9 million in May 2020. And hemp-derived CBD products, containing less than 0.3% THC, are increasingly available via general retail channels, though CBD ingestibles are still officially off limits for sale in general retail channels in the U.S. and most other jurisdictions.
The legal cannabis market has exploded in recent years, with sales in the U.S. reaching an estimated $12.4 billion in 2019, forecast to rise to $31 billion by 2024. The market for cannabidiol (CBD) has also grown rapidly, with U.S. sales totaling $2.6 billion in 2019, on track to reach $18 billion by 2024. While THC and CBD are the most widely known and marketed compounds found in Cannabis sativa, a few of the other 113 currently identified cannabinoids show potential for therapeutic and recreational applications and have attracted the attention of both researchers and those in the industry.
Global legal cannabis spending is forecast to reach $47 billion in 2025, a number too big to ignore for many companies and industries. The U.S. will continue to be the largest global market, driven by more and more adult use markets opening.
BOULDER, Colo. — May 5, 2020 —BDSA (formerly BDS Analytics), the leader in comprehensive, accurate and actionable cannabis market intelligence and consumer research, announced today that Illinois retail cannabis sales exceeded $188 million in the first quarter of 2020, reflecting adult-use sales of $109.96 million and medical sales of $78.2 million. This year’s sales are projected to exceed $693 million, an increase of 176%, based on top-line sales projections modeled from point-of-sale transaction records.
The COVID-19 public health crisis reset societies around the globe in just a few short months. With more than 150,000 deaths as of this writing, per the Johns Hopkins coronavirus resource center, no aspect of our lives remains untouched. The Easter and Passover holidays were forced online and over 22 million Americans have lost their jobs in the last few weeks. Global economies are in shambles and economists are virtually guaranteeing a recession (i.e., two consecutive quarters of negative GDP growth).