How Big Is The Cannabis Market size
Worldwide, the market size of legal marijuana is expected to make $66.3 Billion in 2025. This is according to the report published by the Grand View Research, Inc., an international think tank that follows closely the growth of market of legal marijuana.
In fact, all parts of the value chain is earning from growing cannabis, to distribution, to hi end products. There is even an industry for seed banks. To learn how to germinate cannabis seeds or which online seed bank is the best, click here.
There are many things that contribute to the rising market for marijuana. The report further discussed the top three factors that boost the market size. These three factors are not the only things that are fueling the consistent rise of market of marijuana, but these are the three biggest reasons for the growth. Here are following are the primary factors examples that are propelling the growth of cannabis market.
# 1 MARIJUANA AS A MEDICINAL PRODUCT
One of the biggest contributors to the increase in marijuana market is its application for pharmaceutical purposes. The pharmaceutical value of marijuana is being studied by researchers worldwide. Reports on its medicinal benefits include treatment of cancer, Parkinson’s disease, Alzheimer’s disease, arthritis, and other neurological conditions. This growing understanding of cannabis use for health is anticipated to be a major driver in the market demand for legal marijuana. Many experts believe that with all medicinal benefits, its use for pain relief would be the game changer for marijuana. At the moment, cannabis use for pain medication takes a huge percentage of the whole market for legal marijuana. This is followed by mood stabilizer. As a drug, marijuana is heavily used to stabilize moods of people who are suffering from long term depression, anxiety disorders, panic attacks and others. Albeit controversial, marijuana is also sometimes given to children with autism to stabilize their moods.
Because of these, in 2018, medical marijuana held the largest market share among marijuana based products. This specific market share of medical marijuana is estimated to further expand at a CAGR of 12.7% by 2025 due to the promise of treatment opportunity with cancer and other deadly diseases.
# 2. LEGALIZATION OF CANNABIS TRADE AND USE IN MORE COUNTRIES AND TERRITORIES
The legalization of marijuana is the single most important step that has led to the opening up of business opportunities in marijuana cultivation and trade. Without the laws that legalizes the trade of marijuana as a commodity, no legal entrepreneur would ever invest on this plant.
The impact of legalization of marijuana can be seen in the observable and very significant decrease in trade of cannabis in the black market. This is due to the shifting toward legalized channel to trade and buy marijuana. This has also reduced involvement of gangs in the production and sale of marijuana as legit entrepreneur have become interested in offering cannabis and cannabis based products.
Furthermore, the government has earned a lot of revenues from the taxes in marijuana.
The huge market for marijuana in the US and Canada will surely further increase the demand for international trade of this plant. Now with these huge countries becoming active players in the market, the outlook for doing business in marijuana has never been so optimistic.
# 3. SOCIETY’S CHANGING ATTITUDE TOWARD MARIJUANA
With the legalization of marijuana, the society has become more accepting to its use. Whereas some years ago, this would never been possible, now celebrities and artists are promoting their cannabis lifestyle. It is now not only tolerated, it is now part of everyday living. The taboo in marijuana use has become inconsequential as people now understand that there is no reason to be worried about this herb.
With taboo being lifted, people now are more open to seek out cannabis based medications for their ailments. For people who wish to experiment on recreational use of marijuana are also not a problem anymore. People now see it as a part of life. This is fueling market demand.