Cannabis market projects sales of US$58 billion by 2028

BDSA, the largest company related to cannabis market research, sets a mark of US$58 billion (R$290 billion) in legal cannabis sales in 2028. The expansion of the sector occurs largely due to consumption by adults in certain regions of the United States, such as Connecticut, Maryland, New Jersey, New York and Illinois.

BDSA co-founder and CEO Roy Bingham said in a statement that “Currently, U.S. adult-use markets represent approximately 56% of total global cannabis sales and are poised to claim an even larger share in the coming years as U.S. medical markets contract.”

The cannabis Market industry

Roy Bingham also points out that “The cannabis industry is incredibly dynamic, with each market facing unique regulatory changes and industrial pressures. Looking ahead to 2028, U.S. states that are emerging in consumption, especially those on the East Coast and Midwest, are expected to contribute the most significant increase to total U.S. and global sales.”.

The obstacle to the legalized cannabis market is illegal trade. Since 2021, competition has gained notoriety among buyers due to lower prices. This scenario changes from region to region, being more worrying in states, such as California, but not being as harmful in Michigan.

_{BDSA logo (Photo: reproduction/BDSA/mg Magazine)}

Future of cannabis

The herb trade made a profit of US$29.5 billion in 2023. In 2024, the BDSA plans an increase of around 9% in cannabis sales in the United States compared to last year, reaching a value of US$32.4 billion. Due to growth, the company estimates that values ​​will reach US$46 billion in 2028. One of the factors that contribute to the projection is the trend towards legalization of cannabis in states such as Florida and Pennsylvania.

Featured photo: growth occurs in part due to the legalization of cannabis in some regions (Reproduction/Waldo Swiegers/Bloomberg)