The global cannabis market is expected to grow rapidly in the coming years, according to a recent report by Arcview Group & BDS Analytics, which states that the global cannabis market is expected to reach $ 42.7 billion by 2024.
The report states that the growing legalization of cannabis for pharmaceutical and other uses is expected to contribute to market growth.
“The possibilities are boundless as political progress opens up more markets across the world, and struggling markets sort out their regulatory framework” the report says.
A second report from Grandview Research forecasts that the global legal cannabis market size is expected to reach $ 73.6 billion by 2027 and is anticipated to expand at a CAGR of 18.1% over the forecast period.
The Grandview report also states that dried flowers accounted for the largest market share in terms of sales revenue and is estimated at $ 9.1 billion in 2019. According to the report the dried flower segment will further grow due to “dried flower is a primary plant product, it is immediately available without any treatment, which makes it relatively affordable for low-income patients.”
Finally, another report by Fortune Business insights states that the size of the global cannabis market will reach $ 97.35 billion by the end of 2026 with a CAGR of 32.92%.
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