Global Cannabis Market set to Grow as Multinational Companies Eye Entry

According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion  and is expected to reach USD 65 Billion by 2023 while growing at a CAGR of 37% during the forecasted period. The growth is attributable to the spread of global legalization beginning to take place for medical reasons as well as recreational use. Currently, North America accounts for 95% of the market, while the U.S. makes up more than 90% of the North American region.

However, only select states in the U.S. have legalized cannabis for both medical and recreational use, such as California, Nevada, Colorado, Washington and a few others. Canada and Uruguay are the only two countries to have passed bills to legalize cannabis nationwide. Impending market regions include European countries such as Spain, Netherlands and Italy, who are expected to legalize cannabis for medical use in the shortcoming future. AmeriCann, Inc. (OTC: ACAN), CannaRoyalty Corp. (OTC: CNNRF), Organigram Holdings Inc. (OTC: OGRMF), General Cannabis Corp. (OTC: CANN), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE)

Many companies involved in the cannabis market are focusing on standardizing their products, as well as receiving intellectual property rights for them. Other companies are conducting cannabis research, which is projected to impact the market heavily. Positive results from Canadian cannabis companies have allowed them to secure agreements and licensing contracts across Canada and are now beginning to spread internationally. Although not yet fully legalized, the U.S. is poised to continue to dominate the global cannabis market, which has prompted multinational companies to enter the fray. “We are sitting back now and watching the Canadians take market share with regards to international export opportunity,” says Matt Karnes, Founder of industry analyst firm GreenWave Advisors. “And multinational companies that are stepping in, or potentially want to step in, are all eyeing Canada, whereas I believe the United States clearly has the most robust and compelling opportunity for cannabis.”

Global Cannabis Market set to Grow as Multinational Companies Eye Entry
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