Legal Cannabis Market Projected To Grow As Customer Base Expands

Marijuana is big business

NEW YORK: According to a recent report from Brightfield Group, the global cannabis market is presently worth $7.7 billion and is projected to reach $31.4 billion by 2021. The United States accounts for about 90 percent of the whole market. But the U.S. domination of the market is expected to decrease to approximately 57 percent due to legalization of cannabis products in other countries. Canada is considered as one of the largest markets for cannabis products. Canada plans to legalize recreational cannabis later this year.

According to Benzinga, Viridian Capital President Scott Greiper explained that the cannabis industry received $1.23 billion investments in the first five weeks of 2018, up from $178 million a year earlier. Viridian Capital Advisors’ Vice President Harrison Phillips said: “Investments in cultivation and retail this year have been driven predominantly by the Canadian player. This has been happening pretty consistently from late 2016 through 2017. This reflects the necessity to scale cannabis businesses, to get some kind of advantage, and to explore strategic opportunities, both through acquisitions and international expansion.”

 

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