Illinois marijuana sales will grow 80 percent to $1.8 billion this year, far outpacing the industry, cannabis research firm BDSA predicts.
The forecast includes medical and recreational weed, which got a big boost at the beginning of the year as more marijuana license holders opened additional dispensaries authorized by state law. Recreational marijuana sales in Illinois totaled $121.9 million in August, up from $88.8 million in January, according to state figures. July, fueled by holidays and Lollapalooza, was the strongest month at $127.8 million.
Illinois and Massachusetts are among the states reporting the fastest sales growth, BDSA says. After the initial boost from recreational legalization, BDSA predicts the pace of growth will slow, despite a massive expansion in the number of dispensaries underway. It will take five years for Illinois to add another $800 million in sales, the amount it will add this year, to reach $2.6 billion by 2026.
Worldwide sales of marijuana are expected to grow 41 percent to $30.6 billion this year from 2021. Nationwide, BDSA predicts 38 percent growth to $24 billion.
The firm forecasts that global weed sales will roughly double in five years as more markets legalize marijuana. “The expansion and growth of adult-use markets in the U.S. continue to be the driving force of global cannabis sales,” Kelly Nielsen, vice president of insights and analytics at BDSA, said in a statement.