CHICAGO -- With legal sales of cannabis predicted to reach more than $47 billion in 2027, and CBD (cannabidiol) products making up $5 billion of that total, this new product category is primed to be a breakout for dispensaries, convenience stores and beyond over the next decade.
Here's a look at some of the projections and where consumer preferences lie today:
Cannabis Laws in All 50 States*
Sources: Weedmaps, PotGuide | *Subject to change
$47.3 Billion: Projected legal sales of cannabis in the United States in 2027, up from $9.2 billion in 2017
$5 Billion: Projected legal sales of CBD in the United States in 2027, up from $534 million in 2017
Sources: Arcview Market Research, RBC Capital Markets.
Frequency of Consumption
|PRODUCT TYPE||ONCE A WEEK||ONCE EVERY 2 TO 3 WEEKS||MORE THAN A MONTH||ONCE A MONTH|
Base: 1,155 consumers in states with legal recreational use and commercial distribution
Cannabis Product Type Market Share and Growth in 2018
Source: Headset via RBC Capital Markets
Hemp-Based Product Share
*$646M Projected sales of hemp-based CBDs in 2022
Sources: Hemp Business Journal