NEW YORK: According to a report by Ameri Research Inc., the global legal cannabis market is forecast to be valued at USD 63.5 billion by 2024, growing at a CAGR of 21.1pc between 2017 to 2024.
The market is going through a period of strong growth thanks to increasing legalization and decriminalization of cannabis products across North America and Europe. In the U.S, there are 28 states which have approved the use of cannabis for medical purposes.
In major markets like Colorado, California, Alaska, Massachusetts and Nevada cannabis is also legal for recreational use. Earlier this year, the Canadian prime minister has introduced a bill to legalize cannabis for recreational use.
The report indicates that the proposed bill mandates the legal age for consumption of cannabis at 18 years, and it provides clarity on the federal and state laws regarding the regulations on cultivation, storage and distribution of cannabis across the country. FinCanna Capital Corp. (CSE: CALI), Cannabis Wheaton Income Corp. (OTC: CBWTF), Liberty Leaf Holdings Ltd. (OTC: LIBFF), Friday Night Inc. (OTC: TGIFF), Future Farm Technologies Inc. (OTC: FFRMF)
The state of California alone is expected to play a significant role in the development of the industry. A report published by New Frontier Data projects that legal cannabis sales in California will reach $2.8 billion in 2017 and $6.6 billion by 2025, with a compound annual growth rate of 12% over the next eight years.
Giadha Aguirre de Carcer, New Frontier Data CEO explained, "Significant changes are already underway in California for medical cannabis and adult use laws, which we see will have major implications for the cannabis industry, including ecommerce and delivery services in the state... As the largest state in the country - and the largest potential market for cannabis products - the implications for the growth of the industry because of California's adult use market cannot be overstated."
