According to industry insiders, the world’s cannabis market could hit $14.9 billion this year. This would be a jump of 36% compared to last year.
This year’s “The State of Legal Cannabis Markets” report has evaluated the cannabis industry as the “Total Cannabinoid Market,” for the first time. This means the report covered sales of medical and recreational cannabis at dispensaries; hemp-derived products rich in non-psychoactive cannabidiol, or CBD; and US Food & Drug Administration approved CBD-based pharmaceuticals.
According to the report published by Arcview Group and data firm BDS Analytics, 2019 was the first full year to evaluate the effects of three significant developments in the cannabis industry. This includes the FDA approval of CBD-based drug Epidiolex, legal adult use sales starting in Canada, and the 2018 Farm Bill giving hemp products more legal standing.
“These decisions being made at the federal level put pharmacies and general retailers in the business of selling CBD-based products in all 50 states, which substantially boosted the [projections],” said Troy Dayton, Arcview’s chief executive officer.