Global Cannabis Market Hits $45.3B, DEA Rescheduling Hearings, and Industry Consolidation Trends

Cannabis Industry Update: March 15, 2025 The cannabis industry continues to evolve rapidly, with significant developments occurring in the past 48 hours. Recent market data shows the global cannabis market reached $45.3 billion in 2025, a 9% increase from 2024. In the United States, adult-use and medical cannabis sales grew to $35.2 billion, up 12.1% from the previous year. A major regulatory shift is underway as the U.S. Drug Enforcement Administration (DEA) begins hearings on potentially rescheduling cannabis from Schedule I to Schedule III. This move, if approved, could have far-reaching implications for the industry, particularly in areas of taxation and research. In corporate news, Cannabicity, a woman-founded dispensary in New York, celebrated its grand opening and launched a new retail advisory service called "Powered By Cannabicity." This service aims to help other license holders navigate the complexities of the New York cannabis market. On the product front, DeFloria, Inc. received FDA clearance for its Investigational New Drug application for AJA001, an oral cannabinoid drug targeting autism spectrum disorder. The company plans to initiate a Phase 2 clinical trial by mid-2025, enrolling 60 patients. In response to ongoing price compression, many cannabis brands are consolidating. According to BDSA Retail Sales Tracking, equivalent average retail prices dropped 32% from their peak in Q3 2021 to Q2 2023. This trend has led to increased market share concentration, with the top five brand houses growing their share of total sales by 14% between Q2 2021 and Q2 2023. Internationally, Costa Rica approved new regulations to facilitate the sale of medical cannabis products, while Ecuador is positioning itself as a significant player in the non-psychoactive cannabis and industrial hemp industry, projecting $17 million in revenue by 2025. As the industry faces these challenges and opportunities, cannabis events continue to play a crucial role. Upcoming gatherings like MJBizCon in Las Vegas and the NCIA's Cannabis Industry Lobby Days in Washington, D.C. are set to shape the future of the industry through networking, deal-making, and policy discussions. This content was created in partnership and with the help of Artificial Intelligence AI.