The global cannabis market is expected to reach $90.4 billion by 2026, according to a MarketsandMarkets report. This equates to a compound annual growth rate (CAGR) of 28% from the cannabis market’s $20.8 billion evaluation in 2020.

Within the cannabis market, concentrates are projected to have the largest CAGR through 2026 due to the wide variety of different types of concentrates including shatter, budder, rosin, wax, oils, and tinctures.

The medical cannabis sector is expected to dominate the market with the growing list of countries embracing medical cannabis and the increasing use of various types of CBD, the report says.

Additionally, the North American market is expected to continue expanding: Canada legalized adult cannabis use in 2018, the legalization process is in the works in Mexico, more U.S. states pass adult-use cannabis laws each year, and medical cannabis treatments across North America have never been more popular. The presence of large cannabis corporations like Canopy Growth Corp, Aurora Cannabis Inc., and Medical Marijuana Inc., will also spur investment in the North American market, the report says.

In Europe, Germany is moving forward with plans to legalize adult-use cannabis while Malta — the European Union’s first member nation to pass legalization — recently shipped its first medical cannabis export.