Category: Cannabis + Hemp/CBD

Cannabis. Spending on legal cannabis worldwide is expected to reach about $50 billion by 2025 at a compound annual growth rate (CAGR) of 20% from 2020 and hit $57 billion by 2027, and cannabis market in the United States and Canada is estimated to be about $46.5 billion and other $10.5 billion would go to other markets. While there are 37 million people in Canada and 327 million in the United States, the European Union is home to about 743 million. In the seventh edition of the European Cannabis Report – produced by London-based advisory group Prohibition Partners – Europe’s cannabis market is projected to grow with a CAGR of 60% to reach €2.3 billion by 2026.

Hemp/CBD. These days, at least 70 countries cultivate hemp for commercial or research purposes. The largest producers of hemp are currently China, France, Canada, USA and Chile. In 2022, hemp acreage in North America and the European Union countries totaled about 75,000 acres and 135,000 acres respectively, China – the world’s largest hemp fiber and seed producer – planted more than 175,000 acres of hemp, which put global acreage at about 550,000 acres. According to marketing analysis reports by Technavio, the global industrial hemp market size is set to reach $6.47 billion by 2026 with a CAGR of 17.7%. Proficient Market Insights projects the global hemp-derived CBD oil market size to reach $3.15 billion by 2028, exhibiting a CAGR of 28.3%.