The marijuana industry is gathering steam and is poised to explode
There are a lot of reports regarding the valuation of marijuana. Virtually every day, some new revelation comes to light and concern remains over issues such as stock prices and legislation. However, what is clear and undeniable is that marijuana is here to stay and is going to continue to rise in popularity – once we get through all of the growing pains.
Any new industry or innovation deals with its ups and downs at first. But, once accepted, is allowed to develop and mature according to the public demand. The same is going to happen with the marijuana industry, which is being estimated to reach $146.4 billion globally by the year 2025. This is the prediction of research firm Grand View Research, which recently published a report on the state of marijuana.
Grand View predicts that the global marijuana industry will see a compound annual growth rate (CAGR) of 34.6% until the end of 2025. In the US alone, the CAGR is expected to show an increase of 24.9%.
The growth is easily attributed to an increase in global adoption. There are now more than 30 states in the US that have legalized marijuana use and this trend is expected to continue. Canada is set to legalize completely marijuana across the entire territory, which will only expand the market even more.
Secondary to adoption is the increase in products being developed. While historically, marijuana use centered on the joint, now there are oils, lotions, edibles, beverages and many more choices. As witnessed by the announcements of global companies such as Coca-Cola and Molson Coors, there will more than likely soon be an overwhelming amount of drink choices made available that are infused with cannabidiol (CBD).
This is just the beginning. There is a whole new world ahead that will not only provide for better personal and government income, but also provide for better health. The list of benefits associated with CBD is growing on almost a daily basis and, as more research is conducted, that list will become even longer.