Here's How Much Money the Booming Cannabis Industr
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Posted On: 06/25/2019 3:50:59 PM
Here's How Much Money the Booming Cannabis Industry Will Make By 2024
Now that eleven out of fifty states have legalized recreational marijuana (for people over the age of 21) and 33 states have legalized medical marijuana, it’s obvious that the rest of America isn't too far behind.
It goes without saying that the red-hot cannabis industry is absolutely booming with more and more products popping up every day, making for a multi-billion dollar industry with forecasts that’ll definitely make you want to invest in the weed market.
The cannabis industry includes everything from CBD products that treat anxiety, cancers, pain, etc., to good old-fashioned joints that treat...well, practically everything.
According to a 350-page report on marijuana growth projections called “State of the Legal Cannabis Markets” from Arcview Market Research and BDS Analytics which looked at legal pot sales figures from between 2014 and 2018 and estimates between 2019 and 2024, the projections for total worldwide sales are as follows:
2014: $3.4 billion
2015: $4.8 billion
2016: $6.7 billion
2017: $9.1 billion
2018: $10.9 billion
2019: $14.9 billion
2020: $19.3 billion
2021: $24.4 billion
2022: $30.7 billion
2023: $36.2 billion
2024: $40.6 billion
As Yahoo! Finance points out, there is a compound annual growth rate of 28.2 percent over a decade, and 24.5 percent over the period between the end of 2018 and the end of 2024.
With figures like that, it might be a good time to start thinking about investing in the industry.
Chart and article:
https://www.maxim.com/news/cannabis-industry-...art-2019-6
Now that eleven out of fifty states have legalized recreational marijuana (for people over the age of 21) and 33 states have legalized medical marijuana, it’s obvious that the rest of America isn't too far behind.
It goes without saying that the red-hot cannabis industry is absolutely booming with more and more products popping up every day, making for a multi-billion dollar industry with forecasts that’ll definitely make you want to invest in the weed market.
The cannabis industry includes everything from CBD products that treat anxiety, cancers, pain, etc., to good old-fashioned joints that treat...well, practically everything.
According to a 350-page report on marijuana growth projections called “State of the Legal Cannabis Markets” from Arcview Market Research and BDS Analytics which looked at legal pot sales figures from between 2014 and 2018 and estimates between 2019 and 2024, the projections for total worldwide sales are as follows:
2014: $3.4 billion
2015: $4.8 billion
2016: $6.7 billion
2017: $9.1 billion
2018: $10.9 billion
2019: $14.9 billion
2020: $19.3 billion
2021: $24.4 billion
2022: $30.7 billion
2023: $36.2 billion
2024: $40.6 billion
As Yahoo! Finance points out, there is a compound annual growth rate of 28.2 percent over a decade, and 24.5 percent over the period between the end of 2018 and the end of 2024.
With figures like that, it might be a good time to start thinking about investing in the industry.
Chart and article:
https://www.maxim.com/news/cannabis-industry-...art-2019-6
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