Cannabis Market Brings In Significant Tax Revenues

The cannabis market is experiencing significant growth due to the accelerating pace of cannabis legalization in the United States. According to a research report published by Technavio, the global legal cannabis market will grow at an impressive CAGR of around 37% between 2016 and 2020. The report indicated that rapid adoption of cannabis by individual consumers as well as economic benefits of legalizing cannabis are some of the pivotal factors that drive the growth in the market.

The report also indicated the several other benefits of legalizing cannabis: “The high tax revenues from the purchase of marijuana for recreational purposes have led governments of various countries to legalize marijuana. The legalization of marijuana for recreational purpose will increase at a rapid pace with the increasing number of countries allowing the possession of a limited quantity of marijuana. Such developments have propelled vendors to come up with legal recreational cannabis stores, which will further propel the growth of this segment in the coming years.”