With the legalization in Canada and many US states, and with the spreading of CBD products around the world, the cannabis market reached stellar numbers this year.
The passion for hemp is taking hold globally and, according to the statistics, the figures will continue to rise undeterred.
According to CNN, in fact, at this point in 2019 the cannabis market has already yielded approximately $15 billion and is destined to reach even higher heights in the years to come.
In the past two years, CBD-based products became popular due to the advent of legalization in Canada and increasingly permissive laws enacted in several US states. Researchers from Arcview and BDS expect huge revenues for all sectors also in the second half of the year and beyond. Also, with the FDA (US Food and Drug Administration), which is currently planning a drug for CBD-based epilepsy, and the governmental agency working to regulate bench-top CBD products, it can be said that 2019 is going to be the most favorable year for the cannabis business.
Arcview’s research predicts a global turnover of $14.9 billion by the end of 2019, exceeding as much as 38% that of 2018.
“Decisions made at the federal level put generic pharmacies and retailers within the CBD-based product market in all 50 US states, which has greatly improved annual revenue projections,” said Arcview CEO Troy Dayton, at CNN.
For the first time in 2019, Arcview included a section called “Total Cannabinoid Market” in the state’s annual sales report, including everything from pharmacy sales, dispensary sales, to online sales.
If the current trend is confirmed, it is estimated that by 2024 the cannabis market will reach $44 billion, whose around half is in CBD-based products, a number that surpasses the previous statistics of almost $5 billion.
Time only will reveal whether these predictions materialize or not, but with legalization in the US in continuous expansion and with Canada preparing for a major supply increase, we expect nothing less than a massive wave of sales of legal cannabis and of its derived products.