Monday, May 27, 2024

US Cannabis Sales Projected To Hit $28 Billion In 2022

In the U.S., flower comprises most of the total yearly sales, hitting $11 billion this year, and estimated to reach $12 billion in 2022.

Headset, a provider of data and analytics to the cannabis industry, is releasing long-term projections for the U.S. and Canadian markets. Figures will be updated at the end of every quarter.

The forecasts for the U.S. and Canadian markets will include all jurisdictions, regardless of legalization status across adult-use and medical markets. The information will be provided in a calendar year format.

With this new approach, the company is able to provide estimates for a minimum of five quarters and a maximum of eight quarters.

Key Highlights From The Overall Market View  

  • Cannabis sales in Canada will hit $4 billion in 2021, which is notably less than the U.S. market’s estimated $23 billion in annual sales.
  • The Canadian cannabis market should advance twice as fast as the U.S. market between 2020 and 2021, and nearly three times faster from 2021 to 2022.
  • Both markets (U.S. and Canada) will experience growth through 2021 and into 2022.

Headset’s category market view analyzes each country separately, relying on current legalization and regulation levels, which can be changed.

RELATED: Cannabis Sales Expected To Hit $370M In Days Leading Up To 420

ground cannabis on clear plastic bag
Photo by GRAS GRÜN via Unsplash

Key Highlights From The Category Market View

  • Flower is the most popular product category in both markets.
  • In the U.S., flower comprises most of the total yearly sales, hitting $11 billion this year, and estimated to reach $12 billion in 2022.
  • Vapor pens, edibles, and concentrates took (and will continue to take) more market share in the U.S. than in Canada across 2020, 2021, and 2022.
  • The flower share in Canada will plunge a bit this year, from 57.6% in 2020 to 54.2%.
  • In both markets, concentrates and edibles are estimated to have slightly larger market shares in 2022, at the expense of flower and pre-rolls.

This article originally appeared on Benzinga and has been reposted with permission.


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