Legal Cannabis Market Gaining Traction

medical marijuana

NEW YORK: The global medical marijuana market is expected to reach a value of USD 55.8 billion by 2025, according to a new report by Grand View Research, the report indicates that together with Washington D.C. 28 states have legalized marijuana for medical uses.

In 2016, states such as ArkansasFloridaNorth DakotaOhio, and Pennsylvania were approved to use the drug in medical applications such as chemotherapies and pain management. The growing number of states and countries getting approval for using it in therapeutic applications is one of the crucial factors driving the demand over the coming few years. In addition, successful legalization for recreational use in states like California.

Florida by itself is projected to become a major market after voters overwhelmingly chose to legalize medical marijuana with more than 70% of the vote. According to Arcview Market Research, the potential growth of the medical market in Florida is strong. The market is projected to reach $1.6 billion by 2020, growing at a compound annual growth rate of 140%.

“The opportunity for good jobs, tax money and wealth creation created by Amendment 2 passing cannot be understated. Savvy entrepreneurs and pioneering investors are rightfully exuberant about the Florida market. And, thankfully, seriously ill patients will no longer need to go to high school parking lots or drug dealers to get their medicine,” said Troy Dayton, CEO of the Arcview Group.

Read full article @ Financial Buzz

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>