Cannabis Sales in US to Reach $28 Billion in 2022
Cannabis data and analytics company Headset predicts that U.S. cannabis sales will eclipse $28 billion next year.
According to the firm, which this week announced the launch of a comprehensive long-term forecast for the U.S. and Canadian markets, U.S. cannabis sales are expected to grow around 24% in each of the next two years.
In 2021, Headset expects U.S. cannabis sales to reach $22.7 billion, up from $18.5 billion last year.
The firm’s estimates include New York, New Jersey, and Arizona, which recently legalized adult-use cannabis. Of those three states, only dispensaries in Arizona are currently selling recreational marijuana.
Meanwhile, in Canada, sales are expected to grow 54.6% and reach $4 billion this year. In 2022, Canadian cannabis sales could grow 32% and hit $5.3 billion, the company said.
Headset’s forecasts include 13 Canadian provinces and 36 U.S. states and jurisdictions, including Arizona, California, Colorado, Florida, Illinois, Massachusetts, Michigan, Nevada, Oregon, and Washington, where it currently collects data.
Drilling down, Headset said it expects U.S. sales of marijuana flower to approach $15 billion in 2022, compared to $3 billion in Canada. Vapes, concentrates, edibles and pre-rolls are the next largest categories.
Combined, all five categories will account for nearly 96% of cannabis sales in 2022, with beverages, capsules, topicals, and tinctures competing for the remaining 4%.
Headset said it plans to update its long-term market forecast — which looks out as far as 24 months — on a quarterly basis. An updated report is expected to hit in July.
Download the full report on the Headset website. Additional insights are included in the news release below.
SEATTLE — Headset, the leading provider of data and analytics to the cannabis industry, announced today the launch of a long-term forecast for the U.S. and Canadian markets with category and top-level data to be updated at the end of each quarter. The comprehensive forecasts provide legal cannabis market participants and observers with valuable insights into the world’s largest and fastest-growing cannabis markets. The U.S. and Canada market forecasts will encompass all jurisdictions with any level of legalization across recreational and medical markets. The data will always incorporate the previous, current, and following calendar years and be presented in aggregate for each calendar year. With Headset’s new methodology, forecasts will cover at least five quarters (15 months) and at most eight quarters (24 months). To date, key insights from the Overall Market View reveal: Both the U.S. and Canada markets are forecast to grow through 2021 and into 2022 Canadian cannabis sales will reach $4B this year, significantly lower than the U.S. market’s projected $23B in annual sales Canada’s cannabis market is expected to grow twice as fast as the U.S. market between 2020 and 2021 and almost three times faster from 2021 to 2022 Headset’s category market view focuses on each country separately, providing insights into the individual market structures and [… continue reading]
This story was curated by the LPC Editorial staff to provide analysis, insight, and perspective on current events affecting the Cannabis industry. Click here to see the original story published at thcnet.com
Advertisement: Are you part of the legal cannabis industry in Canada? Add Your Listing and get found by a qualified audience.
