The cannabis industry is continuing to explode around the world and, at its current pace, is projected to balloon to a market value of nearly $60 billion by 2027, according to cannabis data company BDSA.
In 2022, the global cannabis industry grew 4.8 percent, bringing its value up to $32 billion, according to BDSA. In its five-year global forecast, the company estimated growth of more than 13 percent by 2027 that will bring that value of the industry to $59.6 billion.
"Legal cannabis spending slowed significantly in 2022 due to rapid price declines across all markets," said Roy Bingham, co-founder and CEO of BDSA. "Despite this, our updated forecast predicts strong growth in the U.S. driven by developing markets particularly in Missouri, New Jersey and New York."
In the U.S. alone, the market is expected to grow to at least $44 billion by 2027, with U.S. adults accounting for 78 percent of the entire global market. In the global picture, BDSA forecasted international cannabis growth of 40 percent with a value of $9.5 billion.
"It's a gradual process and if you look at it over a five-year time horizon, you can see a certain inevitability to the growth in the industry. So that bodes well for the future of the companies that are well capitalized and capable of expanding in the near term," Bingham told Cheddar News.
Growth is expected to be bolstered by new adult-use cannabis markets where only a handful of dispensaries currently serve consumers. BDSA noted that markets in New Mexico, Connecticut, Rhode Island, and Vermont will all be drivers in the global cannabis market.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
