By Hunter Dublin | July 18, 2022
In a report by MarketsandMarkets, the worldwide cannabis industry is estimated to reach $90.4 billion by 2026. This result in a compound annual growth rate (CAGR) of 28 percent from the $20.8 billion estimated cannabis industry in 2020.
Concentrates are expected to have the highest CAGR in the cannabis industry through 2026 because of the broad range of concentrates available, including shatter, budder, rosin, wax, oils, and tinctures.
According to the research, the medical cannabis sector is predicted to dominate the market due to the growing number of nations accepting medicinal cannabis and the expanding use of various forms of CBD.
Furthermore, the North American market is expected to expand further: Canada legalized adult cannabis use in 2018, Mexico is legalizing adult cannabis use, more U.S. states pass adult-use cannabis laws each year, and medical cannabis treatments in North America have never been more popular.
The survey also supports that the existence of significant cannabis firms such as Canopy Growth Corp, Aurora Cannabis Inc., and Medical Marijuana Inc. would help drive investment in the North American sector.
In Europe, Germany is forging forward with plans to legalize adult-use cannabis, while Malta, the European Union's first member country to legalize cannabis, just sent its first medicinal cannabis export.