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Cannabis Market in Canada and US is All Set To Grow Over $47.3 Billion

In North America, the cannabis market is on the rise. Last year, Canada became the first G7 country in the world to legalize cannabis use. In the United States, it’s legal for medical purposes in 33 states.

According to the North American Cannabis Report, the US marijuana market will exceed its neighbor. Despite the herb is illegal on a federal scale, cannabis sales are expected to get triple-digit growth by 2024.

The cannabis market report published by Prohibition Partners provides detailed information about market value forecasts, regulatory timeline analysis, consumption data across North America. Read on to learn more.

The Cannabis Report

The North American cannabis market is growing at a rapid rate—accelerated by progressive legislative changes in the past years. The market is expected to grow by worth US$47.3 billion by the next five years. By then, both medicinal and recreational marijuana might be legal across the region.

In October 2018, Canada legalized recreational marijuana and became the first G7 country to do so. By mid-2019, 33 states legalized medicinal marijuana while 11 states and Washington DC legalized recreational marijuana.

According to the report, over 40% of Americans suffer from at least one chronic condition and the number is increasing. Cannabis is a safe alternative to prescription medications. It’s less addictive to opioids, which is popular across the United States and Canada.

Other key findings in the report say that the North American cannabis consumer goods market is the world’s most advanced. And, in 2019/20, there will be a great expansion in CBD lifestyle products.

Moreover, European countries such as Luxembourg are considering legalizing recreational marijuana. This will help North American brands to take advantage of the European markets and grow their sales.

According to the report, Fire & Flower is positioned to become a leading global cannabis retailer. The company guides people using the proprietary Hifyre™ digital platform.

The Cannabis Market

Daragh Anglim, Managing Director at Prohibition Partners, said, “Although North America’s legal cannabis industry could be worth more than $47.3 billion within the next five years, the true value of the cannabis market is likely to be much larger than current estimates. This is because, contrary to the hopes of regulators, legalization is unlikely to eradicate black market sales, particularly in Canada.”

In the United States, conflicting recreational laws are causing problems to businesses, forcing them to shift to the neighboring states while regulators are accelerating legislative changes.

According to a WHO survey, America is the world’s leading per capita cannabis consumer.

Since 1969, there’s a tremendous increase in cannabis consumption in the county, reports a new Gallup poll.

Marijuana Business Daily released the latest analysis on the growth of the cannabis market in different states in the United States.

In the list, Oklahoma ranked at the first place of the fastest-growing markets of medical marijuana. In the state, 4.1% of the population is MMJ patients while the average daily sign-ups are 641. One of the major reasons for this might be the least restrictive medical cannabis programs. Oklahoma doesn’t have any MMJ qualifying conditions list, that means, doctors can recommend cannabis treatment to patients with any conditions.

The other states in the list are—Florida, Ohio, Illinois, Maryland, Arizona, New York, Arkansas, New Jersey, and New Mexico.

Cannabis is a safe, alternative treatment for a wide range of conditions. More patients are opting for medical marijuana treatment over prescription medications. And, the United States cannabis market is growing. Prohibition Partners’ latest cannabis market report shows that the market in North America is set to grow over $47.3 billion in the next five years.

Looking to access cannabis legally? Apply for your medical marijuana card online today!