Search Results for: California's new recreational cannabis laws

Medical Benefits In Legal Cannabis Products

CALIFORNIA: The U.S. medical cannabis market was valued at USD 5.44 billion in 2016 and is expected to be valued at USD 19.48 billion by 2024, According to a report by Hexa Research.

The expected growth is driven by the growing acceptance of medical advantages associated with cannabis, particularly for patients dealing with cancer, diabetes and chronic pain. Symptoms and conditions that may be treated by cannabis include, cancer, HIV, AIDS, Alzheimer’s disease, and multiple sclerosis. Chronic pain accounted for 46 percent of the U.S. cannabis medical market share in 2016.

According to the research, the solid cannabis edibles segment in 2016, within the U.S. market generated $2.47 billion in revenue and is expected to continue to dominate the cannabis industry to 2024.

California’s new recreational cannabis laws went into effect on January 1st, 2018. A report by Fortune indicates that, “In order to collect $1 billion a year in taxes, the state will need to reach a projected $7 billion in annual legal recreational cannabis sales. At that rate, California would easily be the country’s largest legal marijuana market, as the entire legal cannabis industry in the U.S. is expected to pull in roughly $10 billion in total sales for 2017. That number would almost certainly get a boost in the coming years, as legal markets grow in California and other states, such as Nevada and Massachusetts.”

Legislation Key For The Legal Cannabis Market

NEW YORK: The global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 to 2024, reaching $63.5 billion by 2024, according to a report by Ameri Research.

The market is going through a period of robust growth thanks to increasing legalization and decriminalization of cannabis products across North America and Europe. The report specifies that due to the complex regulatory structure at state and federal level, the full probable value of the market is not yet clear. A recent report published by Arcview Market Research explains that growth of the legal cannabis industry will reaccelerate beginning 2018, as adult use sales rise in CanadaCalifornia, and Massachusetts along with medical sales in Florida.

Major markets for the cannabis industry such as the state of California, where legal sales of recreational products have begun on January 1st, are expected to become examples of how to manage the new and growing cannabis industry. Giadha Aguirre de Carcer, New Frontier Data CEO, explained, “Significant changes are already underway in California for medical cannabis and adult use laws, which we see will have major implications for the cannabis industry, including ecommerce and delivery services in the state… As the largest state in the country – and the largest potential market for cannabis products – the implications for the growth of the industry because of California’s adult use market cannot be overstated.”

Sales Of Cannabis Products For Medical And Adult Use

NEW YORK:  The legal cannabis market was worth $6.6 billion in 2016 and is forecast to grow to $24.1 billion by 2025, registering a compound annual growth rate of 16 percent, according to a report by New Frontier Data.

By segment, the medical cannabis market was worth $4.7 billion in 2016 and is expected to grow to $13.3 billion by 2025. Recreational cannabis sales throughout the same period are expected to grow at a 21 percent CAGR, from $1.9 billion to $10.9 billion. The continuous validation of cannabis products for both medical and recreational use is a key factor contributing to the progress made in this industry. On November 8th, 2016, California has passed California Proposition 64 by a vote of 57.13% for and 42.87% against, allowing individuals in California to use and grow cannabis for personal use.

California’s new recreational cannabis laws were officially implemented on January 1st, 2018. New Frontier Data CEO, Giadha Aguirre De Carcer, commented on California’s potential market growth, “California offers the perfect example of why it is so important to understand trends in consumer behavior. The state’s legal (cannabis) industry is forecast to grow from $2.8 billion in 2017 to $5.6 billion in 2020. That spending will be increasingly directed at products and retailers who understand and serve the market’s evolving tastes and preferences. The market is changing, and the most successful operators will be those who adapt most quickly to the change.”

Cannabis Sales Projected To Increase as California Paves the way for Recreational use

CALIFORNIA: The global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 to 2024 or culminating to $63.5 billion by 2024, according to a report by Ameri Research.

The market is going through a period of strong growth thanks to increasing legalization and decriminalization of cannabis products across North America and Europe. The report indicates that due to the complex regulatory structure at state and federal level, the full potential of the market is not yet clear. A recent report published by Arcview Market Research explains that growth of the legal cannabis industry will reaccelerate beginning 2018, as adult use sales ramp up in CanadaCalifornia, and Massachusetts along with medical sales in Florida.

In states like California for example, where new recreational cannabis laws went into effect on January 1st, 2018, analysts are projecting an increase in sales of Cannabis. The new industry is also expected to contribute to California’s tax revenue. The LA times reported that, California is on the verge of creating a legal market for marijuana worth more than $5 billion that will help make the state a destination for pot-loving tourists.

Marijuana's Risk To Drivers Debated

CALIFORNIA: As California advocates ponder a renewed push to legalize marijuana for adults, law enforcement officials and traffic safety experts are warning of a side effect of states allowing the drug for medical or recreational use: the danger caused by people driving while high.

Research is incomplete on how much marijuana it takes to impair driving. But Gil Kerlikowske, director of the White House Office of National Drug Control Policy, said being even a little intoxicated on marijuana is unacceptable.

“Smoking marijuana has a very negative effect on your ability to operate a motor vehicle,” Kerlikowske said. “It’s quite dangerous to you, your passengers and others on the road.”

Marijuana advocates acknowledge that driving under the influence of cannabis is ill-advised. But they argue that law enforcement’s concern is overblown, and point to a 2012 study that concluded the auto accident risk posed by marijuana is on par with antihistamines and penicillin. [Read more…]

How to regulate pot when it's legal

CALIFORNIA: It’s becoming a cliché: The tide is turning in the debate over cannabis. Sanjay Gupta, CNN’s chief medical correspondent, publicly reversed his position and now supports medical cannabis. [Read more…]