Cannabis. Spending on legal cannabis worldwide is expected to reach nearly $50 billion by 2026 at a compound annual growth rate (CAGR) of 16% from 2020 and hit $57 billion by 2030, while cannabis market in the United States and Canada is estimated to be about $46.5 billion and other $10.5 billion would go to other markets. The North America legal cannabis market amounted to about $33.6 billion in 2023 with a year-to-year growth rate of 10% and is projected to grow to $46.5 billion by 2027. In Canada, 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, $3,922 million in 2021 and $4,510 million in 2022, and in 2023, according to Statistics Canada, they exceeded $5 billion.
Hemp/CBD. These days, at least 70 countries cultivate hemp for commercial or research purposes. The largest producers of hemp are currently China, France, Canada, USA and Chile. In 2023, hemp acreage in North America and the European Union countries totaled about 75,000 acres and 85,000 acres respectively, China – the world’s largest hemp fiber and seed producer – planted more than 340,000 acres of hemp, which put global acreage at about 520,000 acres. According to marketing analysis reports by Technavio, the global industrial hemp market size is set to reach $6.87 billion by 2027 with a CAGR of 17.1%. Grand View Research estimates that the global hemp-derived CBD market size has increased to $4.3 billion in 2023 from $2.7 billion in 2022, and it is expected to grow at a CAGR of 15.8% from 2024 to 2030. Canada’s expanded hemp rules are a direct response to the global explosion of the CBD market. The Cannabis Act clears the way for whole hemp plant utilization.
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