Let’s Explore the CBC Cannabinoid and its Therapeutic Benefits
by Chane Leigh
A decade ago there were only a handful of regulated legal cannabis markets. As leaders in the legalization wave, these markets perhaps unknowingly entered a profit surge that has yet to plateau. As the cannabis industry continues to expand in the US and globally, so does the revenue. With tens of billions of dollars’ of cannabis being sold annually in the black market, worldwide cannabis legalizations could easily move a majority of these sales to legal channels in the years to come. If that’s the case, even the loftiest sales projections from Wall Street over the next 5 or 10 years may be realistic and attainable.
Although selling a processed plant isn’t exactly what you might call innovative, global cannabis sales, legal and non, generates billions of dollars each year. There are clear-cut reasons to believe that these illicit sales are being moved to legal channels through legalization. The legal cannabis market grew by 46% in 2019, despite challenges caused by overregulation and overtaxing in the two biggest markets; California and Canada. A true testament to just how popular cannabis is among consumers and the ongoing impact of newer markets maturing.
The possibilities are boundless as political progress opens up more markets across the world, and struggling markets sort out their regulatory framework. The legal cannabis market has had explosive growth since several states have legalized recreational cannabis. With Canada legalizing recreational consumption and the growing popularity of the plant in the United States – projections for the global legal cannabis market is set to reach over 63 billion dollars in value by 2024.
Legal medical cannabis spending beyond the US and Canada more than doubled in 2019. Driven primarily by Germany and Mexico’s markets, sales went from $367 million to $840 million. According to a report released last year, by Arcview Market Research and BDS Analytics – compound annual sales growth between 2017 and 2022 is expected to clock in at 26.7%, with the report calling for $31.3 billion in global cannabis sales in 2022. Adult-use revenue hit $6.1 billion in 2018 and $4.8 billion in medical cannabis sales, by 2024 recreational revenue is set to expand to $26.7 billion, with an accompanying $13.9 billion in medical cannabis sales.
California’s illicit market is predicted to make up 53% of all cannabis sales in 2024. States with more supportive regulatory frameworks are expecting illicit sales to make up less than 30%. Generally, gauging recreational cannabis market sizes does not include the black market. If a country has yet to legalize recreational cannabis, the value of the market is zero. If legalized, appropriate growth curves are applied to the legal market thereafter, while capping the legal market at a maximum of 60% of the value of the entire recreational market (including the black market). Most believe a significant portion of the illicit market will be driven out.
Zero to Billions – Legal Markets showing real numbers. It is hard to put solid numbers on cannabis revenue because the illicit market will always exist. As legalization spreads money moves from that black market into the legal markets, allowing real data to be collected. What has been shown so far accounts for the lofty future projections we are seeing from the number-crunching market analysis’.
As cannabis legalization is progressing around the world, many cannabis users are looking at whether or not growing their own plants at home is right for them. Some questions to consider before growing marijuana inside your home include the following: Do I have the space? Can I replicate the right environment for cultivation? Can I…
Have you recently given up smoking substances that contain nicotine? Well, you may have noticed that it’s really hard to stop because of your nicotine dependence. When you feel as though you need nicotine and can’t go without it, you are being held hostage by nicotine dependence. Fortunately, cannabidiol (CBD) was suggested to help reduce…
The US Senate has proposed a bill that could potentially legalize cannabis on the federal level. Researchers have discovered the exact origins of the cannabis plant thanks to genetic sequencing. And the US Surgeon General supports keeping cannabis offenders out of jail. Video Transcript: Senate lawmakers propose legislation that would federally legalize cannabis And a…
Cannabis legalization has become widespread across the United States. Many states have adopted medical cannabis laws, and several allow recreational cannabis. It is easy to get frustrated by the negative opinions of anti-cannabis activists and supporters. After all, much of what they argue is based on misinformation. This information was abundantly plastered into the public’s…
Did you know? Washington State, one of the states with the longest-running recreational cannabis marketplaces in the United States, still has policies in place that prevent Washington residents from growing cannabis at home. So… what gives? When anyone over 21 years of age can legally grow cannabis at home in so many other states, why…
As commercial cannabis cultivators try to keep up with intense market demand, efficient business solutions are being sought out in the form…
This blog is a compilation of articles written by Ashley Priest and Marcus Quoyeser. The world of cannabis is filled with terminology…
A new study hypothesized that “frequent and dependent cannabis use in youth would be associated with Intelligence Quotient (IQ) decline”. However, one…
