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Cannabis Will be a $200B Industry by 2029, says Wall Street Analyst
Some analysts are very confident that the global cannabis industry will rake in a ton of cash within the next ten years.
Predicting growth of any industry or market isn’t an exact science, and depending on who you ask, you’re likely to get very different forecasts on the future. The global cannabis industry is no different. But one thing that analysts do agree on is that the market has no where to go but up.
The Wall Street investment firm Cowen Group estimates that global cannabis sales could jump up to $75 billion annually by 2030. That’s nearly a six-fold increase over the numbers recorded for 2018.
However, Christopher Carey at Bank of America thinks cannabis sales could eventually be more than double what Cowen Group is predicting. Carey says the industry will reap $166 billion in the coming years. A large portion of those sales will originate from the US ($56 billion) with Canada bringing in a smaller $5 billion portion, according to Carey’s projections.
But Stifel cannabis analyst Andrew Carter has the biggest expectations of the global cannabis marketplace. He predicts that global marijuana sales could be as much as $200 billion by 2029. In Carter’s estimate, the US market is set to deliver a full 50 percent of those revenues with Canada topping out at around $7.6 billion.
So if you’re opposed to investing in marijuana stocks, you might want to reconsider so that you don’t feel left out if these forecasts come to pass.
h/t The Motley Fool