The global marijuana market is continuing an unprecedented boom: fueled by legalization in many countries, and easier access to medical pot, worldwide sales in 2019 reached a record $14.7 billion, according to a cannabis industry report. The 46 percent growth rate—the highest annual to-date—far outpaced the 16 percent increase the year before. Sales in Canada, as well as California and Massachusetts, were the largest contributors, supplemented by expanding medical markets in Florida and Oklahoma. In the U.S., sales grew 37 percent year-over-year to $12.3 billion, as more states legalized pot despite growing evidence of the drug’s potential risks and angers, especially to young people.
Looking ahead, market researchers say the marijuana market shows no sign of slowing, forecasting global sales of $47 billion by 2025. Why are marijuana sales growing so rapidly? According to the Food and Drug Administration, one gimmick is for e-cigarette makers to hawk vaping products—for both tobacco and marijuana—that look like toys and candy and help minors hide their devices from parents. The products include backpacks and sweatshirts with stealth pockets for e-cigarettes, and vaping devices that look like smartwatches, videogame systems and fidget spinners, said the FDA, which has sent warning letters to the companies. Especially disturbing are companies that market e-liquid vaping cartridges in packaging meant to look like candy or featuring cartoon characters—a practice that must stop.