Every news story or study seems to be around or about marijuana and CBD so much that since the recent legalization of cannabis in the states and Canada, the worlds cannabis market could reach $15 billion in 2019.
According to the top industry insiders, global marijuana sales, total to almost $14.9 billion in 2019, up 36% from 2018. A report from “The State of Legal Cannabis Markets” annually regulates the cannabis industry as the “Total Cannabinoid Market.” This means that sales of medical and recreational cannabis at dispensaries; hemp-derived products rich in non-psychoactive cannabidiol, or CBD; and US Food & Drug Administration approved CBD-based pharmaceuticals are included.
The report claims that the sharp surge in CBD products mixed with Canada’s legal recreational sales starting in 2018, aided in the industry growth. The report published by the market research arm of cannabis investment firm ArcView Group and data firm BDS Analytics, state that this was the first full year that three significant developments in the cannabis industry were evaluated. Those were the FDA approval of CBD-based drug Epidiolex, legal adult use sales beginning in Canada, following the 2018 Farm Bill giving hemp products more legal standing.
“These decisions being made at the federal level put pharmacies and general retailers in the business of selling CBD-based products in all 50 states, which substantially boosted the [projections],” Troy Dayton, Arcview’s chief executive officer, noted in a statement.
Arcview and BDS’ latest estimations are that marijuana sales in clinics, retail stores, and pharmacies will reach $44.8 billion globally by 2024. Many experts believe that the sales will remain the highest in state dispensaries, followed by a retail chain store, then pharmacies. CBD products that are also sold within those channels are estimated to hit $20 billion in 2024. The research also projected that Canada has the potential to become a 5 billion dollar market, along with European and Latin America countries launching cannabis programs. They also believe that US states such as Arizona, Maryland, New Jersey, New Mexico, and New York will legalize the recreational use of cannabis, allowing America’s market to skyrocket.