A new report found that the market for legal cannabis is anticipated to project a noteworthy CAGR of 26.55 per cent in 2030. As countries across the globe continue to legalize recreational cannabis, industry growth shows no signs of stopping.
In fact, the legal marijuana market is expected to proliferate all the way up to US$178.5 billion by 2030 according to ReportLinker data released on Friday. A staggering number when considering that back in 2020 the market revenue was sitting at US$21.16 billion. The medical marijuana market in North America alone was worth approximately US$8.1 billion in 2020 and has been on the rise ever since.
ReportLinker also claims that growth in the industry is partly attributed to rising rates of chronic diseases and the benefits associated with cannabis use for those suffering from these conditions. Relief from symptoms brought on by chemotherapy treatment such as chronic pain, vomiting, and nausea serves as a good example of why cannabis legalization is becoming more generally acceptable in society. The potential for THC to aid with mental disorders is another good example as stated in the ReportLinker research document.
Read more: Legal cannabis market expected to grow to US$48.3B by 2028: Vantage report
Read more: U.S. legal and illicit cannabis sales totalled US$97 billion in 2021: report
Other noteworthy factors contributing to a flourishing cannabis market include the ever-increasing use of nebulizers, sinsemilla flower, and resin concentrates. A reduction in crime is also an added bonus.
In the state of New York last year, CEO of cannabis production and renowned lawmaker advisor – Kaelan Castetter, helped to facilitate the legalization of medical and recreational marijuana – solidifying New York as one of America’s next developed cannabis centers according to the ReportLinker author. Cannabis has proved itself to be invaluable for the treatment of debilitating diseases like epilepsy, glaucoma and cancer for many unfortunate New York residents.
The medical cannabis segment has been projected to heighten growth in the legal cannabis industry due to the growing prominence of medical product within the health care system. Additionally, the segment of legal cannabis distribution attributed to mental health disorders has been predicted by GlobeNewswire to exhibit the fastest growth over the course of the aforementioned 10-year period due to the prevalence of those within the population who suffer from anxiety and stress.
12 per cent of all Americans have been positively identified as cannabis users according to ReportLinker.
SOURCE: Mugglehead Magazine