With more countries now permitting the use of and investment in medical cannabis, the global market has continued to gain momentum. While the consequences of the coronavirus pandemic are a real threat in some industries, a new study expects cannabis to boom over the next seven years.
According to the report, the cannabis market is expected to grow from approximately $144bn to $147bn by 2027. This is a massive gain in an industry, which is still considered to be new, or in some cases, a taboo in some parts of the world.
Recently, new countries, such as Thailand or Mexico, have gotten into the news. While in Mexico, the government is preparing to legalise cannabis to establish the world’s largest cannabis market, Thailand became the first party in the Asian region to utilise the plant in the personal and healthcare industry.
Joe Biden’s win in the US general election could be another factor in the estimation. It is believed that with decriminalisation, Mr Biden would take the next step towards a federally legal cannabis policy.
From the UN’s landmark decision to remove cannabis from a list of hard drugs, such as heroin and opiates, to Britain’s looming exit from the EU, businesses working in the cannabis industry should be excited about what the future holds for them.
The report indicates that, while medicinal cannabis is indeed gaining some momentum, it is still the tetrahydrocannabinol-dominant (THC-dominant) segment dominated the global cannabis market.
However, and this is the key here, according to the researchers, the market for CBD-dominant cannabis is anticipated to grow the fastest in the next seven years.
Some might’ve expected the market to slow down as the coronavirus pandemic is still with us and affecting our lives; however, the study found that the demand for the drug had significantly grown amid the crisis.
In summary, the market is flourishing, and if everything goes accordingly, cannabis could represent a real opportunity for businesses and investors interested in the plant.