The global cannabis market will be worth $75 billion by 2025
The global legal cannabis market forecast reaches $75.6 billion by 2025, with an average annual growth rate of 28.3% over the forecast horizon from 2019 to 2025 and companies, like Veritas Farms INC, are profiting. These forecast provides an in-depth analysis of the local cannabis market in five major geographical locations and highlights current market trends, volume, and share.
The research report entitled “Legal global cannabis market by product type (cannabis flowers, cannabis extracts), species (Sativa, Indica), strains (THC, CBD), purchasing channel, application (medical, recreational), end industries and geography – Global forecast to 2025” provides an in-depth analysis of the local cannabis market in five major geographical locations and highlights current market trends, volume and share; recent developments; and projections until 2025.
Since CBD can be obtained from hemp, which does not contain significant amounts of THC, CBD is virtually legal in most states. Although they issue more and more CBD regulations.
State-of-the-art 140-acre industrial farm
Many of these companies situated themselves in Colorado, such as Veritas Farms Inc. (OTC: VFRM) which owns a state-of-the-art 140-acre industrial hemp farm and manufacturing facility in Pueblo, Colorado. The company registered with the Colorado Department of Agriculture to grow industrial hemp.
The company’s strategy bases itself around transparency, honesty and high-quality products. They control their own supply chain which allows them to provide a fully transparent product. Recently, the company launched a QR code packaging thanks to which customers can check the quality of the product with their smartphones.
Legalized cannabis may generate 105.6 billion dollars of tax revenue
The report published yesterday “analyses how legal cannabis can generate tax revenues and new jobs for the US economy.” New data published by New Frontier Data predict that if all states in the USA legalized cannabis, by 2025 they would have generated 105.6 billion dollars of tax revenue and a million new jobs.
The report analyses three aspects of the full legalization of cannabis, as well as the expected impact on the US economy. If all 50 states were to legalize cannabis, the number of new jobs would increase to 1 million in 2025.
Full legalization would result in more companies entering the market, more consumers and more employees on official payrolls. As a result, leading to $3.3 billion in revenue from payroll taxes alone.
The growing medical use of cannabis
The growth in this market is mainly due to the increasing legalization of cannabis, the growing medical use of cannabis. Furthermore, the growing number of elderly people who need cannabis to treat chronic diseases.
However, high costs and strict rules on the production, distribution, sale, and possession of legal cannabis to some extent hinder the development of this market.
The global medical cannabis market has enormous potential, with experts predicting significant growth between 2019 and 2025. Besides, continuous research into medical cannabis applications is accelerating the growth of the cannabis market.
An increase in the number of countries approving the use of cannabis for therapeutic purposes. Those are the treatment of pain in cancer and HIV/AIDS patients, appetite stimulator and nausea reduction. This is expected to drive the global medical cannabis market.
(Featured image by Unsplash)
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First published in Fakty, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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