Cannabis Industry Analysis

In 2020, the global legal marijuana market was valued at $9.1 billion. That number is expected to grow fast in the coming years, with experts predicting a compound annual growth rate (CAGR) of 26.1% from 2021 to 2028. A variety of factors are responsible for this, including the increasing use of medicinal marijuana, the rising demand for cannabis oil, and marijuana laws changing across the United States and Canada. COVID-19 did result in some setbacks for the industry, most notably a disruption in the cannabis supply chain caused by lockdowns across the globe. This meant that, from 2019 to 2020, the legal marijuana market did see a slight decline. However, this is expected to be short-lived, especially considering the increasing demand for cannabis on a global scale – especially throughout North America. In this report, we will go over some current trends to watch out for in 2021 and beyond.