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Global legal cannabis sales grew 45.7 percent during 2019 to $14.9 billion per the “2020 Update to The State of Legal Cannabis Markets” from Arcview Market Research and BDS Analytics. In the U.S., the industry grew to $12.2 billion. In light of these robust figures, Arcview has updated its forecast to predict that global cannabis sales will hit $42.7 billion by 2024.
A primary catalyst in ongoing industry growth hinges on FDA and how it will tackle regulating cannabis-derived ingredients. We’re pleased the federal fiscal year 2021 budget for FDA includes $4 million earmarked for cannabis-related work.