Home INDUSTRY NEWS Legalization Efforts are Leading to Rapid Cannabis Market Growth

Legalization Efforts are Leading to Rapid Cannabis Market Growth

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According to research published by New Frontier , the legal cannabis market was worth an estimated USD 8.3 Billion in 2017 and is projected to grow at a compound annual growth rate (CAGR) of 14.7% and reach an estimated USD 25 Billion by 2025. The medical cannabis market is expected to grow at a CAGR of 11.8% through 2025, while sales of cannabis products for recreational uses are on the path to grow at an 18.4% CAGR, from USD 3.2 Billion in 2017 to USD 12.5 Billion by the end of the forecast period. New Frontier indicates that the data provided is on the number of states that legalized cannabis for medical or recreational as of January 2018 and does not include assumptions of additional states legalizing cannabis by 2025. CLS Holdings USA Inc. (OTC: CLSH), CV Sciences Inc. (OTC: CVSI), Lexaria Bioscience Corp. (OTC: LXRP), Invictus MD Strategies Corp. (OTC: IVITF), Auxly Cannabis Group Inc. (OTC: CBWTF)

The legal cannabis market in the United States has undergone a significant transformation in recent years. Nine states as well as Washington, DC, have legalized cannabis for recreational use for over the age of 21, and Oklahoma became the 30th state to legalize medical marijuana earlier in June. New Frontier Data Founder & CEO, Giadha Aguirre de Carcer, explained, “Across the globe, we have seen massive expansion as more than 50 countries are legalizing or decriminalizing cannabis. However, the United States continues to lead the way in cannabis consumption in legal medical and adult use markets. With a number of states expected to advance cannabis legalization measures in the next 24 months, more Americans will be able to access legal cannabis in the years to come, making this a watershed 4/20.”

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