NEW YORK: According to a research report by Market Research Future, the Cannabis market in North America was valued at over USD 3.5 billion for the full year of 2015. Of that, the United States being the largest market in the region, was valued over USD 3 billion on its own.
Marketing activities for cannabis products have been challenged by consumer perception and stern federal policies. So as these issues are being tackled over time, the cannabis derivative is expected to witness a wider scale adoption across the region, and is projected to grow over $16 billion by 2021, growing at a CAGR over 29%.
A major portion of the cannabis industry is the cannabidiol (CBD) market. CBD is widely used for medical products, and is not psychoactive, therefore not useful for recreational purposes. The Hemp Business Journal estimated that the CBD market will grow to a $2.1 billion market in consumer sales by 2020, with $450 million of those sales coming from hemp-based sources. That’s a 700% increase from 2016.