Increasing 48% over 2019 sales, global cannabis sales reached nearly $21.3 billion in 2020 (from $14.4 billion the previous year), according to data released by Boulder, CO-based BDSA (formerly BDS Analytics). BDSA forecasted global cannabis sales will grow to $55.9 billion in 2026, reflecting a compound annual growth rate (CAGR) of more than 17%. 

“The cannabis industry faced numerous challenges in the past few years, none so potentially disruptive as the coronavirus pandemic in 2020,” said Micah Tapman, CEO of BDSA. “Our previous forecast was conservative based on the expected economic fallout from the pandemic, but the industry not only survived, it thrived and legal cannabis gained considerable ground, exceeding our expectations in several markets.”

Many mature markets in the U.S. saw accelerated growth in 2020. Colorado grew by 26%, double its 13% rise in 2019; and Oregon expanded by 39%, versus 21% in 2019. Canada, the largest national market, grew by 61% in 2020 to more than $2.6 billion, boosted by the late-2019 introduction of a host of new product options under the government’s new “Cannabis 2.0” rules, which authorized sales of derivative products such as edibles.

Still, new markets are key to future growth. Medical and adult-use markets that launched in 2019 and 2020 contributed $1.6 billion in spending in 2020, $422 million in medical and nearly $1.2 billion in adult-use. Five new U.S. markets legalized medical or adult-use cannabis during the 2020 elections: Arizona, Mississippi, New Jersey, Montana, and South Dakota. BDSA said it expects four new medical and five new adult-use markets to commence sales in 2021. These data reflect legal cannabis market forecasts.

U.S. Legal cannabis sales in the U.S. passed $17.5 billion in 2020, growing 46% over 2019’s $12.1 billion. BDSA forecasted U.S. sales to reach $41.3 billion in 2026, a CAGR of 15%. Illinois, which launched adult-use last year, saw the largest dollar gain in 2020, rising by $784 million. Several other markets saw major expansion, the top four being California (+$586 million), Florida (+$473 million), Colorado (+$451 million), and Oklahoma (+$400 million).

Canada. Legal cannabis sales in Canada totaled an estimated $2.6 billion in 2020 and are expected to grow to nearly $6.4 billion in 2026, a CAGR of 16%. Canada began legal adult-use sales in late 2018 and allowed dramatically expanded product offerings in both the medical and adult-use markets. During the year, BDSA Retail Sales Tracking data in Alberta and British Columbia showed rapid growth in shares of new Cannabis 2.0 product categories.

International Markets. Sales of legal cannabis products, including cannabis-derived pharmaceuticals, outside the U.S. and Canada broke the $1 billion mark in 2020, with nearly $1.1 billion in spending. BDSA predicted international sales will exceed $8.3 billion in 2026, a CAGR of 40%. The bulk of that new legal spending will be driven by Mexico (104% CAGR) and Germany (36% CAGR), though the U.K. (57% CAGR) and France will contribute significantly (186% CAGR). Mexico is expected to account for almost 32% of legal cannabis spending beyond the U.S. and Canada in 2026.

Comment Period Open for CBD Certification Standards
Green America’s Green Business Network has launched an open comment period to collect informed feedback on a new certification standard for hemp-derived CBD (cannabidiol) products that are legally compliant. The survey can be found at http://bit.ly/CBDgreensurvey. The comment period will remain open until May 1, 2021.

The draft standard addresses a wide range of social and environmental issues facing CBD businesses and includes two tiers of certification: Standard and Gold.

Once finalized, this new hemp-derived CBD certification standard could play an important role in affirming for consumers that the businesses providing CBD products are operating in accordance with practices that support people and the planet, the organization said.

The Green Business Network is a national network of small to mid-sized companies that work to integrate strong social and environmental commitments into their business operations. The network is home to both rising social and eco enterprises and to well-established green businesses. The network provides tools, information, and (for certified members) access to consumers to help green businesses thrive in today’s competitive green marketplace.

The Green Business Network certifies businesses across 38 different industry sectors, including apparel, banks and credit unions, cleaning products, housewares, travel and more.

For more information about the open comment period contact: [email protected].

Research Review Details Positive Results for CBD Against Stress
A meta-analysis conducted by Nutrition Formulators, Inc. (NFI) of Miramar, FL, published in the peer-reviewed journal Innovare Journal of Medical Science (November/December issue) assessed research on CBD and outcomes for anxiety and stress.

The review of 76 articles spanning the past two years focused on CBD isolate and grouped the research into several categories, including CBD impacts on depression, sleep, panic attacks, dementia, inflammation, metabolism, behavior, Parkinson’s disease, and psychiatric illnesses. Human and animal studies were both included in the review.

“After spending 10 months reviewing the research, I was surprised at how many people with anxiety and depression could be helped by incorporating CBD into their lives, but I was also aware how important it is to do more research, especially on the impact of CBD on liver function,” said Dr. Marcelo Ferro, lead author and biochemist with Nutrition Formulators, Inc.

When looking at anxiety, the studies suggested CBD reduced anticipator anxiety, such as speaking in public by affecting the part of the brain that processes emotional information, Ferro said.

The analysis also showed a 66.6% positive improvement for clinicians using CBD as an alternative treatment for depression.

One of the larger questions was how much CBD should be used. The dosing in the reports varied widely from 50 mg to 600 mg daily dosing. Also, much more research is needed on CBD’s side-effect impact on liver function as well as how CBD interacts in the body. In addition, the study’s authors cited the need for larger population trials that would achieve a statistically significant measure.

“This is just a stepping-stone to understanding more about the amazing CBD compound, how it may be helpful to so many, but also what additional information we need to know so that people can use it as safely as possible. So many of our CBD business clients are looking for research-based information to educate their customers; this report is a step in that direction,” said Adolfo Graubard, Nutrition Formulators, Inc.  CEO.

NFI is currently working on additional CBD studies focusing on neuroinflammation and autism in partnership with several research institutions.