The global market for legal cannabis is anticipated to register a growth of CAGR of 21.1% between 2017 and 2024 according to a market research report published by Ameri Research Inc.
The report states that the market was valued at a total of $14.3 billion in 2016. In 2024, that market would be worth $63.5 billion.
The increasing rate of decriminalization of products from cannabis in the markets in North America and Europe is the driver for the growth, according to Ameri. The usage trends for legal cannabis includes demand for medical purposes as well as for recreational use. The report also states that the complete potential of the market is yet to be exploited due to the complex and strict regulatory structure both at the state and at the federal level.
An investment pool aimed towards investing in cannabis projects in California is being created by Cannabis Strategic Ventures.
“While most of our investors consider us to be an employment and staffing service targeting the emerging cannabis sector, we now plan to show investors a much broader path for the Company,” commented Simon Yu, CEO of the Company. “While we have already signed an employment deal in Washington with more on the horizon, we are now beginning the process of performing due diligence on multiple emerging cannabis cultivation opportunities, with the most advanced project being located in Santa Barbara country.”
On the other hand, mCig, Inc. expects to clock revenues of $10 Million just in the first year of operation of hemp propagation, production, research, and distribution of organic industrial hemp and hemp by-products through its wholly-owned subsidiary, NYAcres, Inc. The company deals in the business of legal cannabis, hemp and CBD markets and caters the market through its lifestyle brands. mCig. The Grow Contractors division of the company is a full service cannabis cultivation construction service that presently operates in Nevada which is an expanding legal cannabis market.
The HempMeds Mexico subsidiary of Medical Marijuana, Inc. reported November 2017 as the month that reported the largest-ever monthly revenue in its history. Medical Marijuana is the very first cannabis company in the United States that is publicly traded. The HempMeds Mexico arm of the company is engaged in offering the Mexican market with non-psychoactive cannabidiol products.
Significant medical benefits can be derived from a specifically-defined terpene profile of a cannabis strain with an extremely high THC concentration, announced GB Sciences, Inc. in December this year. The company is engaged in standardized cultivation and production methods in addition to biopharmaceutical research and development of cannabis.
Another example of the strength in the industry is the announced joint venture with NuLeaf Sparks Cultivation LLC and NuLeaf Reno Production LLC in Nevada by Terra Tech Corp. The proprietary IVXX wholesale brand of cannabis of the company that the company manufactures. The company aims to enhance production to meet t he growing demands for cannabis products across Nevada.
(Adapted from PRNewswire.com)