CBD products are currently being distributed on a large scale after certain countries have decided to make it legal. Canada has recently legalized marijuana and thus, the cannabis market has just started to flourish. It has been found that the global cannabis market has notched $15 Billion this year. The global cannabis sales were found to be 36% higher compared to 2018 data. A total of $14.9 Billion was found to be the total revenue earned in 2019. At the annual State of Legal Cannabis Markets, the cannabis sales data was reviewed as medical and recreational cannabis, hemp-derived products, and other FDA approved CBD-based pharmaceuticals.
The sales of the CBD products were found to be upscaling from the time Canada had commenced legal recreational cannabis sales in 2018 in order to help the industry flourish. The current research showed three new beginnings that are CBD-based drug Epidiolex’s approval by FDA, legalizing adult use in Canada, and hemp products being made legal via the 2018 Farm Bill. The cannabis-based decisions are made at the federal level so as to make CBD-based products’ sales clear to all the pharmacies and general retailers in the 50 states. There are expectations that the cannabis industry only going to bloom and earn up to $44.8 Billion on a global scale by 2024.
The major sales of these products take place at the dispensaries, pharmacies, and retail stores. The sales of cannabis products are channeled to hit $20 Billion by 2024. The predictions related to the market are high as it is believed that Canada will turn into a $5 billion market; Latin America and European states will launch new cannabis programs; and the US states including New York, Arizona, New Jersey, Maryland, and New Mexico will legalize the recreational utilization of cannabis. The cannabis market is definitely going to get globally renowned in a few years.
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