Cannabis is the next big thing, if not the big thing right now. Reputable sources give positive estimates on the worth of the cannabis industry in a decade to come, and the potential depicted is explosive.
Well, you may not be in the know; all these estimates send the cannabis industry enthusiasts in a frenzy. The talk gets investors pumping in cash for research purposes and new products. With legalization becoming popular day in day out, it is interesting to see how much the industry will be worth in the next five years.
In the modern world, numbers are more specific and revered. Statistics from reliable sources prove to be an essential aspect of measuring growth. Currently, there are numerous facts and figures out there in regards to the cannabis industry by different analysts.
Here are three neatly arranged blunt truths that you should keep at the back of your head when thinking about the cannabis industry.
● The current market value for both the black market and legal cannabis is an estimated $150 million. With legal marijuana taking root quickly, it is projected that it will garner a whopping 77% of the market share or $177 billion by the year 2025.
● Legal medical and recreational cannabis sales are estimated to hit a massive $25 billion by the year 2025. The compounded annual growth rate is expected to be 14.7% taking the sales from a meager $8.3 billion in 2018.
● Medical marijuana is currently the main highlight of the industry and is thought to increase by 17% in compounded growth annual rate hitting $13.1 billion by 2025. This is according to research published on Forbes.
Different data analysts may come up with differing figures in terms of the current and projected value in years to come. However, one thing is clear; the current cannabis industry is booming with great potential. You can safely say that the industry is no longer budding. With all the potential, you can neither say that it is at its prime.