A new report has come out showing the massive amount of potential within the cannabis market. The report states that by the end of 2025, the cannabis market could potentially reach as much as $146 billion worldwide. This is quite a large improvement from where it currently stands, but with the growing sections of the industry worldwide, it seems incredibly plausible to reach this number in such a short period of time.
Legal cannabis has created a whirlwind of hype around the possibility of being able to not only treat various conditions but also create new businesses revolving around and within the cannabis sector. With various applications from cancer treatment, mental disorders and chronic pain potential, marijuana looks as though it could become the drug of choice for many in the not too distant future.
One of the most promising aspects of the market is the growing support from the public as well as the high demand for quality cannabis throughout the sector. There is currently a large amount of money being invested from the public and private sectors into the cannabis industry. These investments have helped to bring new cures to light, as well as generally pushing the market forward. Development in products other than physical cannabis such as tinctures, oils, vapes and other edible products are all working to become a larger part of the marijuana scape in the next few years. These products have helped to continue reinforcing positive growth in the market, and only look as though they will continue to do so in the coming years.
According to one study “Countries like Canada and the U.S. are moving towards legalization of marijuana for recreational purposes, this, in turn, is expected to create a shift form medical to recreational marijuana. Lengthy purchase and approval process for medical marijuana prescription and ease of availability of recreational marijuana is expected to trigger this change.” The legal recreational market is poised to help make it easier for those with health conditions to get the medical marijuana they need, as the market will no longer be filled with individuals using medical cannabis for recreational purposes. The number of companies within the market has also grown substantially over the past few years, with the ancillary industry being a large part of this growth as well.
Many products in the industry as mentioned prior like oils have also risen to new levels of popularity given their ability to provide accurate dosing and release for various medical conditions. There is no doubt that there is still a long way to go in the field of cannabis. A large amount of research still needs to be done to figure out ways to make new medicines and treatments for use by the general public, but it does seem to be on the right track.
One of the most promising aspects of the industry continues to be that of the growing technological side of the market. Many companies have come to light who are working to provide new technological solutions to the industry such as marijuana delivery and marketing services for companies in the market.
The current industry in the U.S. alone is worth as much as $7 billion and is expected to grow at a CAGR of 24.9% over the next 7 year period. The hopes are high that the continued interest in developing the space will help to push the market forward into the future. Only time will tell how well these efforts will work as far as the growth of the industry is concerned.
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