Global Cannabis Market Revenue Is Expected To Reach $76 Billion By 2027
PALM BEACH, Fla., Feb. 15, 2023 /PRNewswire/ -- The cannabis business is one of those atypical industries that actually flourished because of the pandemic. The global worldwide market has significantly grown in all its segments. A recent report from statista.com projected that: "Revenue in the Cannabis market is projected to reach US$47.20bn in 2023; Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 12.69%, resulting in a market volume of US$76.12bn by 2027; In global comparison, most revenue will be generated in the United States (US$32,870.00m in 2023); and In relation to total population figures, per person revenues of US$332.30 are generated in 2023." The report continued: "The maturity of the Cannabis market varies across the globe mainly due to differing legal environments and public attitudes towards cannabis. Some countries such as Canada and the United States have adopted fully regulated frameworks that allow cultivation, consumption, and retail distribution of various cannabis products. There are other countries that have more limited frameworks that allow the cultivation of cannabis, but have not legalized retail sales (e.g., South Africa). Regulations can also differ regarding how cannabis is used. Some countries allow consumption of products that contain high tetrahydrocannabinol (THC) strictly for medical use, while there are other countries that also permit the consumption of high THC products for recreational use." Active Companies from around the market with current developments this week include: Leafbuyer Technologies, Inc. (OTCQB: LBUY), SNDL Inc. (NASDAQ: SNDL), Tilray Brands, Inc. (NASDAQ: TLRY), Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON).
- The global worldwide market has significantly grown in all its segments.
- The report continued: "The maturity of the Cannabis market varies across the globe mainly due to differing legal environments and public attitudes towards cannabis.
- The financial data reflects the GAAP revenue booked in the quarter versus the same quarter of the previous year.
- We have right-sized our business while remaining the #1 Canadian LP in global medical cannabis revenues, and having demonstrated organic quarter over quarter revenue growth across all of our cannabis segments during Q2 2023.