The North American Market Overview

The global legal cannabis market is valued at $17.7 billion in 2019, growing by about 22 percent, according to the report from Grand View Research, Canada's contribution was $1.7 Billion with recreational and medicinal combined.

With developing a cannabis business, while I was in the Academy, I had the opportunity to sink my teeth into some serious cannabis industry information, I even paid for data to use in the business plan I created for a massive seed to smoke empire. What I am about to share with you is the data extracted by two of North America's leading research organizations, was researched and developed by Arcview Market Research and BDS Analytics.

“According to the report by Arcview Market Research and BDS Analytics: “The Road Map to a $57 Billion Worldwide Market", spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The recreational cannabis market will cover about 67% of the spending while medical cannabis will take up the remaining 33%. https://arcviewgroup.com/research/reports/

The North America legal cannabis market was almost $14 billion in 2019, growing by 30 percent on the year. The largest player in the game was the United States, which totaled $12.2 billion. Canada with about $1.7 billion. Analysts predict the overall cannabis market for legal adult-use and medical sales in North America to reach $24.5 billion by 2021 with the compound annual growth rate (CAGR) to over 20% and will grow to $46.5 billion six years later.

In April 2017, the Canadian government announced new legislation to legalize cannabis for recreational use. On October 17th, 2018, the country became the first in the G7 and the second country in the world to fully legalize the cannabis.

The legislation divides the responsibilities of regulations between the federal and provincial governments. Ottawa regulates production, including licensing producers and ensuring the safety of the country’s cannabis supply. Federal regulations put the minimum purchase age at 18, allow people to grow up to four plants at home and set strict rules on packaging and branding.

This figure represents Cannabis market by region, PBO forecast Sales at cannabis stores in the first three months after legalization totaled $151.5 million and reached $1,186 million for the period from January 2019 to December 2019 according to Statistics Canada.

Legal cannabis spending in Canada, including medical and recreational products, is expected to generate up to $5.2 billion by 2024, according to a new report “Canada Leads the Way on Global Cannabis Legalization” released by Arcview Market Research and BDS Analytics. Just imagine if they added the value of the Canadian legacy market sales, we would be the universal leaders, never mind Global.