Global cannabis consumption predicted to surge, driving Canadian sales to $6.1 billion

The legal world-wide cannabis market is expect to grow to $47.2 billion by 2025. Meanwhile, a sign is seen near the Canada/USA border crossing in Windsor, Ont. on Saturday, March 21, 2020. (Rob Gurdebeke/Canadian Press)

Cannabis consumption is expected to rise dramatically by 2025, with Canadians predicted to purchase $6.1 billion in products as part of a global surge to projeccted to reach $47.2 billion in sales over the same time period.

The predictions, from Colorado-based BDSA, a business intelligence firm specializing in cannabis, are based on an compounded annual growth rate of 26 percent for Canada, which is expected to be four points higher than an expected global growth of 22 percent.

BDSA says falling cannabis prices are being offset by a rapid adoption of cannabis products by new consumers. BDSA says one-third of adults are open to using cannabis, but have not yet started to consume regularly.