According to cannabis analytics provider BDSA, the cannabis business is anticipated to reach a market worth about $60 billion by 2027 if it continues to expand at its current rate.

According to BDSA, the global cannabis market rose by 4.8% in 2022, increasing its value to $32 billion. According to the company’s five-year global prediction, the industry’s value would increase by more than 13 percent by 2027, reaching $59.6 billion.

“Legal cannabis expenditure slowed dramatically in 2022 due to quick price declines in all markets,” said Roy Bingham, co-founder, and chief executive officer of the BDSA. Notwithstanding this, our new estimate forecasts robust growth in the United States, led by expanding markets in Missouri, New Jersey, and New York.

By 2027, the U.S. market is predicted to reach at least $44 billion, with U.S. adults accounting for 78 percent of the global market. Globally, the BDSA predicted a cannabis market expansion of 40 percent with a value of $9.5 billion.

“The rise of the sector is a steady process, and if you examine it over a five-year time frame, it appears inevitable. Thus, this bodes well for the organizations that are well capitalized and capable of expansion in the near future,” Bingham revealed.

New adult-use cannabis markets, where only a handful of dispensaries presently serve consumers, are anticipated to boost growth. According to BDSA, New Mexico, Connecticut, Rhode Island, and Vermont markets will all be market drivers for cannabis internationally.