A new report from Stifel, a Wall Street projection firm, says the global weed market will expand 25-fold in a decade, with the US contributing to half of the total sales.
Sorry prohibitionists: there's no holding back the growth of the legal cannabis industry. Despite concerns that the recent boom in cannabis investment might be a temporary bubble, and the fact that federal cannabis reform is moving slower than molasses, financial analysts still believe the industry will overcome these obstacles and expand exponentially.
A recent financial report by the Cowen Group, one of the first investment firms to start reporting on cannabis stocks, predicts that the global legal weed industry could grow to $75 billion in sales by 2030, more than nine times higher than the $8 billion in legal sales recorded last year. Christopher Carey of the Bank of America also believes that the cannabis sector will continue to grow steadily, eventually reaching a market cap of $166 billion in annual sales.
A new report by Andrew Carter, a financial analyst with the Wall Street projection firm Stifel, is vastly more optimistic. This new report predicts that the cannabis industry will rake in around $200 billion in global sales by 2029, a 25-fold increase over last year's sales figures.
Canada, the first and only G-7 country to legalize adult use nationwide, is expected to increase its share of global pot sales as it irons out the kinks in its supply chain. The Canadian weed market has recorded just over $300 million in sales in the first six and a half months since the retail market kicked off, and these figures have been growing month by month.