BDSA’s market forecast for 2020, updated to reflect the impacts of COVID-19, is down slightly (<1%) from the forecast released earlier this year.
The impact to U.S. markets were generally positive:
- Dispensaries in most jurisdictions being declared essential services and allowed to continue operations.
- Stocking-up behavior seen earlier in the year continued through the middle of the year.
- California, Colorado, Oklahoma and many other states have experienced record sales in the second quarter of 2020.
Outside of the U.S., major market forecast changes were driven by new data released by the country:
- Significant increase in medical estimates for 2019 and beyond.
- As a result of COVID-19, the start of adult-use sales has been pushed back a year.
- Forecast adjusted downward based on the new pricing schedule implemented by the government, which is expected to heavily impact spending.
- Forecast adjusted downward based on government data of prescriptions written for cannabinoid drugs.
For more detailed analysis, visit BDSA.