The global legal cannabis market size is predicted to reach $66.3 billion by the end of 2025. This market is expected to grow at a compounded annual growth rate (CAGR) of 23.9 percent within the years covered in the forecast. The increasing legalization of marijuana and the demand for medicinal marijuana is expected to be the key driver of this market growth.
In the coming years, the growing demand for cannabis products in the treatment of various health conditions, such as Alzheimer’s, cancer, Parkinson’s, arthritis, and several neurological conditions is expected to boost the demand for marijuana as a pharmaceutical product.
Additionally, many countries and jurisdictions have legalized marijuana either for recreational or medicinal purposes. This has had a major adverse effect on the black market of marijuana in those areas, and this is a plus for the legal industry that will see the market expand at the predicted pace. The desire for governments to earn from the legal industry is another factor that will contribute to further legalization and expansion of the marijuana market.
Regionally, the demand for marijuana products is likely to be largely driven by the huge market in the U.S. and Canada, especially for medical marijuana. In contrast, the stringent regulations and rules imposed on the cultivation and sale of medical marijuana in Europe may dampen the growth of the industry on the European continent even if markets like Germany offer great promise.
At the moment, Israel is playing a pivotal role of sharing its technological prowess and cannabis knowledge with other parts of the world. As these markets, such as Thailand the U.K, open and grow, the global market will benefit from these potentially major players in the industry.
The report also points out that in 2018, the cannabis market in the U.S. was valued at $11.9bn and it is expected to grow at a compounded annual growth rate of 24.1 percent for the duration of the forecast in the report till the end of 2025.
Cannabis buds or dried flower took the lion’s share of the global marijuana market in 2018 because it accounted for more than half of all the sales recorded in the industry. This segment is expected to grow at a CAGR of 20.6 percent during the forecast period.
Analysts strongly feel that this bullish outlook for the global marijuana industry will spur industry players like TransCanna Holdings Inc. (CSE: TCAN) (FRA: TH8) and Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) to ramp up their own growth plans in order to cash in on the global growth of the industry.
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