NEW YORK: According to a research published by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016. The market is forecast to grow at a CAGR of 21.1% between 2017 and 2024, while reaching a value of $63.5 billion in global sales in 2024. The rising demand of cannabis for recreational use and medical use is a key factor driving the growth in sales in the industry. A major component of the legal cannabis industry is the CBD market. Matt Karnes, of Greenwave Advisors, is optimistic about the growth of the CBD market saying, “In terms of the CBD market size, I estimate an almost $3 billion market by 2021,” Forbes reported.
Eric Steenstra, President of Vote Hemp, has referenced, “To date, 31 states have passed legislation that allows hemp farming per provisions set forth in the 2014 Farm Bill, and the U.S. remains the largest consumer market for hemp products worldwide. We need Congress to pass federal legislation to allow commercial hemp farming nationally, to let our farmers and American businesses take advantage of the robust economic opportunity hemp provides.”