The cannabis market is projected to grow by 19.64%. Cannabis is a derivation from the cannabis plant that is generally used for medical and recreational purposes. Increasing legalization and growing medical applications of cannabis are expected to be the key driver for the market growth during the forecast period. Currently, the majority of cannabis is sold through illegal channels.
Knowledge Sourcing Intelligence report predicted that the world cannabis market should grow at a compound annual growth rate of 19.64%, reaching $36.9 billion by 2024 – up from $12.5 billion in 2018.
Hemp.im is a mobile application that is exclusively dedicated to hemp and cannabis news as well as the very latest news about the general hemp and cannabis industry.
The app provides you with the most current and up-to-date news on the hemp and cannabis industry and covers wide-ranging topics including hemp and cannabis stocks.
North America is expected to maintain a significant share of the world cannabis market, mainly due to the increasing legalization of cannabis for medical and recreational purposes in regions of the United States.
By Dec. 20, 10 U.S. states have legalized the purchase and use of cannabis. In 34 of the 50 states, people with specific medical conditions can have access to medical cannabis in a legal way.
According to the report, the main factors for growth in the world cannabis market are the increase in the number of countries where the substance is legalized, the trend in the production of edible products with cannabis and incentives from governments.
Over 40 countries have already legalized medical cannabis, each contributing to the world cannabis market.
There is a chart prepared by Prohibition Partners with the countries that allow the use of the cannabis plant for medicinal purposes. Each year, the legal use of cannabis for medical and recreational purposes grows.
It varies from country to country based on possession, distribution, cultivation and medical indications for consumption. Doctors use cannabis to treat, muscle spasms, nausea, lack of appetite and weight loss among other things.
It is also estimated that cannabis use as a functional food will increase, with health benefits surpassing what consumers can obtain with items such as kale, saffron or kombucha. Cannabis is expected to be included in food trends in the coming years.
__
(Featured image by jossuetrejo_oficial via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Hemp.im, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Poder 360, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Hemp.im assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Hemp.im is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Ontario is investing $31 million over the next three years to enhance efforts against illegal…
Frankfurt and Hanover are launching five-year pilot projects for legal, regulated cannabis sales to adults,…
Italy's Regional Administrative Court suspended the Health Ministry's decree labeling CBD as a narcotic, pending…
This November, five U.S. states will vote on measures related to legalizing recreational or medical…
The European Commission has launched an investigation into Italy after its recent proposal to ban…
A new study has found that prolonged use of high-THC cannabis leaves a unique mark…