Wave of State Legalizations Drives U.S. Market Forecast Up to $30B in 2022
Jul 19, 2021 12:04 PM ET
Legal Newswire POWERED BY LAW.COM
Headset, the leading provider of data and analytics to the cannabis industry, today released quarterly updates to its long-term forecasts for the legal U.S. and Canadian cannabis markets. Headset's projections are revised at the end of each quarter to provide cannabis industry participants and observers with the most relevant and accurate market data at category level and in total. This is Headset's first quarterly update for its comprehensive forecasts, which launched earlier this year.
The U.S. and Canada market forecasts include 13 Canadian provinces and territories and 36 U.S. states and jurisdictions with any level of legalization (recreational and medical), and the data will be presented in the aggregate for each calendar year. With Headset's new methodology, forecasts cover at least fifteen months and at most two years.
Key takeaways from the Overall Market View update include:
- U.S. forecast for 2022 has surpassed $30B, strongly driven by the recent legalization of recreational cannabis in multiple states including Connecticut and New York
- U.S. market growth will not slow in the near future, with a higher YoY growth rate expected in 2022
- Little changed in Canada's market forecast, which is still expected to reach $4B by 2021
Headset's category market view examines each country's individual market structure and projects how trends in each category might evolve over time. All forecasts are dependent on current levels of legalization and regulations, which are subject to change.
Key takeaways from the Category Market View update include:
- Category share in the U.S. will see little change between 2020 and 2022, with certain trends balanced out by new legal markets
- Flower will remain the main growth driver for the U.S. market well into 2022, when its contribution to total market sales reaches 47%
- In Canada, Flower share drops 6.5% between 2020 and 2022 from 57.5% to 51% while all other categories remain fairly stable
- From 2021 to 2022, Pre-Roll growth contribution in Canada significantly increases from 23.4% to 29.2%
Headset is a data analytics company in the cannabis industry with a mission to help businesses make better-informed decisions through data. Headset focuses on collecting and analyzing consumer transaction information. Headset's models and dashboards help cannabis retailers better optimize their day-to-day operations. In addition, product manufacturers, processors and distributors leverage the aggregated, standardized and anonymized receipt-level sales data in real-time to identify trends and opportunities, stay competitive and collaborate with retail customers. Learn more at https://www.headset.io/.
URL : https://www.headset.io/.
Contact Information:Renee Cotsis
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