Catching Up For Lost Time: Legal Cannabis Markets Project To Top $51 Billion Globally By 2025 September 27, 2021
September 2021 - Cannabis
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By Kacey Morrissey, Senior Director of Industry Analytics, New Frontier Data; and J.J. McCoy, Senior Managing Editor, New Frontier Data
Nearly a century since the League of Nations signed the revised International Opium Convention of 1925, which for the first time added cannabis to the international community’s list of prohibited drugs, the modern world seems inclined to make up for lost time. As comprehensively analyzed in New Frontier Data’s new Global Cannabis Report: Growth & Trends Through 2025, since 2019 the number of countries with some form of legalized cannabis has increased from 50 to 70, with global legal sales projected to reach $51 billion by 2025, and consumers forecast to spend $430 billion across legal and illicit markets this year alone.
Sales of high-THC cannabis through legal regulated markets totaled $23.7 billion in 2020, with the combined legalized medical and adult-use state markets in the United States alone accounting for $20.3 billion (86%). Legal regulated markets captured 6% of total global demand for cannabis in 2020. However, strong growth in the largest and most dominant markets (i.e., U.S. and Canada) is projected to push combined legal sales to an estimated $51 billion by 2025.
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