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The disruptive COVID-19 pandemic has wreaked havoc on the U.S. retail market. Nevertheless, cannabis has persevered. Most U.S. states with a legal cannabis industry—medical or recreational—quickly deemed cannabis retailers essential businesses, allowing them to operate during even the darkest days of the pandemic. Cannabis is pandemic-resistant.
In late September, BDSA, Boulder, CO, released its latest sales report, noting that global cannabis sales for 2020 will likely reach $19.7 billion, an increase of 38 percent over 2019’s sales of $14.8 billion. Over the longer term, BDSA predicts global cannabis sales will reach $47.2 billion by 2025, a compounded annual growth rate (CAGR) of 22 percent. BDSA only had to reduce its earlier 2020 forecast by 1 percent to compensate for some minimal impact of the pandemic. Canada’s market is poised to grow to $6.1 billion by 2025, with a CAGR of 26 percent.