The “Total Cannabinoid Market” has been evaluated for the first time and the estimated total sales for the encompassed market in 2019 is close enough to indicate that it could potentially hit $15 billion in global sales this year. Products like recreational and medicinal cannabis, CBD-infused products, and CBD-based pharmaceuticals that are approved by the Food & Drug Administration (FDA) are included within the global market sales figure total.
Arcview Group and BDS Analytics both worked on the statistics reported in their annual report titled “The State of Legal Cannabis Markets”. Within the report, credit is attributed to two industry business booms that can bring the projected increase of 36% in sales over last year’s totals – A widespread desire for CBD products and Canada’s legalization of recreational cannabis sales in 2018.
Troy Dayton, Chief Executive Officer of Arcview, stated: “These decisions being made at the federal level put pharmacies and general retailers in the business of selling CBD-based products in all 50 states, which substantially boosted the [projections].”
The report continues with a projection that the total sales of CBD-infused products within dispensaries, retail stores, and pharmacies are estimated to reach $20 billion in 2024. Cannabis sales, mainly from dispensaries, have also been estimated by Arcview and BDS Analytics to reach nearly $45 billion by the year 2024.
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