Cannabis - Puerto Rico

Puerto Rico

Revenue in the Cannabis market in Puerto Rico is forecasted to reach US$278.90m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.01%, leading to a market volume of US$293.20m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
In terms of per capita figures, revenues of US$0.53k are generated per person in 2024.
Puerto Rico's Cannabis market is rapidly expanding, with a growing number of dispensaries and a strong focus on high-quality products.

Key regions: United States, Canada, Netherlands, Germany, Thailand

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Analyst Opinion

The Cannabis market in Puerto Rico is experiencing significant growth and development, driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Puerto Rico are increasingly turning to Cannabis products for various reasons, including medicinal purposes, relaxation, and recreational use. The demand for a wide range of Cannabis products such as oils, edibles, and topicals is on the rise as consumers seek alternative forms of consumption.

Trends in the market: One of the notable trends in the Puerto Rican Cannabis market is the increasing acceptance and legalization of medical Cannabis. This trend has opened up opportunities for local businesses to cater to the growing demand for medical Cannabis products. Additionally, there is a growing trend towards the use of Cannabis for wellness and beauty purposes, leading to the introduction of new product lines in the market.

Local special circumstances: Puerto Rico's unique status as a territory of the United States has influenced the development of its Cannabis market. The regulatory framework governing Cannabis in Puerto Rico is aligned with certain U. S. standards, providing a level of credibility and assurance to consumers. Moreover, the island's tropical climate offers favorable conditions for Cannabis cultivation, contributing to the growth of the local industry.

Underlying macroeconomic factors: The economic landscape in Puerto Rico plays a crucial role in shaping the Cannabis market. The potential for job creation, tax revenue generation, and overall economic growth has prompted policymakers to support the expansion of the Cannabis industry. Furthermore, the relaxation of regulations and the establishment of a solid infrastructure for Cannabis cultivation and distribution have facilitated the market's development.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.