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The global sales of cannabis increased by 48 per cent between 2019 and 2020, which is a great sign for franchisors operating within this space.
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Cannabis industry insiders were apprehensive last year about the growth that the industry may undergo, due to the potentially disruptive nature of the coronavirus pandemic. However, cannabis as a global sector didn’t just survive – it thrived.
Global sales reached nearly $21.3bn in 2020, according to industry insider BDSA (formerly BDS Analytics), which represented a 48 per cent increase on 2019’s sales of $14.4bn.
This growth was reflected in stories of expansion throughout the industry, with Greenhouse Group opening a new, flagship dispensary in Skokie, Illinois last September, and Item 9 Labs Corp acquiring ONE Cannabis Group and forming the first U.S. vertically integrated dispensary this March.
Based on a compound annual growth rate (CAGR) of over 17 per cent, BDSA projects that the market could be valued at $55.9bn by 2026. This growth is thanks in part to the new ‘Cannabis 2.0’ rules, which authorized the sale of derivative products, such as edibles.
It’s also down to the fact that medical or adult-use cannabis was legalized in five new U.S. markets during the 2020 elections: Arizona, Mississippi, New Jersey, Montana, and South Dakota. This means that 16 states now have access to legalized marijuana for adults over the age of 21, with 36 total states having legalized medical marijuana.
We can expect further developments this year, too, with BDSA expecting four new medical and five new adult-use markets to commence sales in 2021.
If an entrepreneur was previously thinking of jumping on board the cannabis franchising train, then now could be a stronger time than ever to join this emerging industry.
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