• Cannabis Industry Evolves: Trends, Regulations, and Consumer Shifts Shaping the $58.93B Global Market by 2028

  • Nov 29 2024
  • Length: 3 mins
  • Podcast

Cannabis Industry Evolves: Trends, Regulations, and Consumer Shifts Shaping the $58.93B Global Market by 2028

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  • Summary

  • The cannabis industry continues to evolve rapidly, with significant market movements, regulatory changes, and shifts in consumer behavior. As of 2024, the US cannabis industry is projected to reach almost $40 billion, with 11 states expected to top $1 billion in retail sales at licensed dispensaries[1][2].

    Recent market trends indicate a decline in sales in established markets such as California, Arizona, Colorado, and Washington, with year-over-year growth rates varying by market age. For instance, California, the world's largest cannabis economy, is expected to see a 3.4% decline in sales compared to 2023[1]. In contrast, emerging markets like Maryland, which launched adult-use sales in July 2023, are experiencing significant growth, with projections suggesting it will join the billion-dollar sales club in 2024[1].

    Regulatory changes are also shaping the industry. The number of active US cannabis business licenses has been declining since late 2022, with a 1% slide in the third quarter of 2024, indicating a tightening market[5]. However, the global legal marijuana market is expected to grow exponentially, reaching $58.93 billion by 2028 at a compound annual growth rate of 22.0%[3].

    Consumer behavior is also shifting, with the average retail price for adult-use flower hitting an all-time low of $79.70 per ounce in Michigan in July 2024[1]. Additionally, there is a growing demand for cannabis beverages, with major players like Canopy Growth Corporation launching new products to cater to evolving consumer preferences[3].

    Industry leaders are responding to current challenges by focusing on product innovations and expanding into new markets. For example, Aurora Cannabis, Canopy Growth Corporation, and Tilary Inc. are key players in the market, with North America expected to hold the highest share in the global market over the forecast period[4].

    In terms of supply chain developments, the total US cannabis supply is expected to top 48.8 million pounds, with legal cannabis projected to surpass illicit cannabis by 2026[2]. Furthermore, the cannabis industry supports 440,445 full-time equivalent jobs, with a 5.4% year-over-year increase in employment[2].

    Overall, the cannabis industry is experiencing significant growth and transformation, driven by changing consumer behavior, regulatory shifts, and market innovations. As the industry continues to evolve, it is essential for businesses to adapt to these changes and capitalize on emerging opportunities.
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