$EPAZ Up +10.91% as the Global cannabis market wil
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Posted On: 07/23/2019 2:36:30 PM
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EPAZ
Up +10.91% as the Global cannabis market will nearly triple to US$40.6B by 2024 #HEMP #BLOCKCHAIN
The value of the global cannabis market is set to soar to new heights, as more countries and American states legalize the drug, according to a new industry report.
Global legal spending on cannabis is forecast to be US$40.6 billion in 2024, nearly triple the US$14.9 billion estimated to be spent this year, according to Arcview Market Research and cannabis industry analysis firm BDS Analytics, which released its annual "State of the Legal Cannabis Markets" report on Thursday.
"That's a conservative number as well if regulators wouldn't move as slowly as they are right now," said Tom Adams, managing director of industry intelligence at BDS Analytics, who co-authored the report in a phone interview with BNN Bloomberg.
While much of that growth is expected to be led by North America, which accounts for nearly 90 per cent of all spending, other markets such as Europe and Asia are expected to end cannabis prohibition with a focus on liberalizing medical markets.
"Countries are realizing that people are using cannabis anyways. They can either tax it and regulate it or they can do nothing," Adams said. "That realization is set to spread globally and won't take that long to see cannabis prohibition unravel."
The value of the global cannabis market is set to soar to new heights, as more countries and American states legalize the drug, according to a new industry report.
Global legal spending on cannabis is forecast to be US$40.6 billion in 2024, nearly triple the US$14.9 billion estimated to be spent this year, according to Arcview Market Research and cannabis industry analysis firm BDS Analytics, which released its annual "State of the Legal Cannabis Markets" report on Thursday.
"That's a conservative number as well if regulators wouldn't move as slowly as they are right now," said Tom Adams, managing director of industry intelligence at BDS Analytics, who co-authored the report in a phone interview with BNN Bloomberg.
While much of that growth is expected to be led by North America, which accounts for nearly 90 per cent of all spending, other markets such as Europe and Asia are expected to end cannabis prohibition with a focus on liberalizing medical markets.
"Countries are realizing that people are using cannabis anyways. They can either tax it and regulate it or they can do nothing," Adams said. "That realization is set to spread globally and won't take that long to see cannabis prohibition unravel."
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