Cannabis Market Report Projects Industry Value at $197.75B by 2028

New report from Consulting firm SkyQuest Technology Projects where the global cannabis market is currently valued at $ 28.06 billion as of 2021 and projects where the industry will grow to $ 197.75 billion by 2028.

Report titled “”World cannabis market, “Is divided into segments. Review product types (divided between flowers and concentrates), compounds (THC dominance, CBD dominance, and balanced THC and CBD), and regions (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) ).

Between recreation and medical cannabis, recreation is naturally dominant due to its many benefits in treating common conditions such as anxiety and stress, and is also known to enhance mood and creativity. increase.

Due to the rapid growth in cannabis acceptance, data as of 2021 report a compound annual growth rate (CAGR) of 32% per year. CAGR is expected to increase to 35% between now and 2028. ..

The report also covers regional expectations, stating that demand is highest in North America. “The legalization of cannabis in most states of the United States has increased the presence of providers, and the huge demand from consumers in the United States and Canada has made North America the largest market for cannabis,” he said. The book states. “In addition, the climate of North America encourages cannabis cultivation and there is plenty of land available for cultivation.”

In addition, North American consumer demographics are well established, with age ranges 18-39 years, 55% white, 20% Latin, and 15% black. The report summary does not include this data from other regions.

However, the report’s press release states that the recent legalization of cannabis in certain countries has led to concerns. “For example, the Thai Ministry of Public Health has not published a scientific study investigating the potential health risks associated with cannabis use,” the press release said. Recently, the move to legalize Thailand is said to be “too much, too early”. The same concerns are being discussed in Germany.

Demand is clearly driven by many factors. Non-criminalization or legalization has made cannabis more accessible, and new studies continue to demonstrate the effectiveness of cannabis in the treatment of various conditions. More importantly, this report addresses the advent of a “cannabis lifestyle” that has helped normalize cannabis consumption for “women, the elderly, parents, etc.”

Access to banks is an ongoing conversation in the cannabis industry, and according to this report, it is one of the key areas of growth needed for the cannabis industry to continue to grow. “One of the key areas of cannabis market growth is financial institutions. In recent years, banks and other financial institutions have shown a growing interest in cannabinoid-based businesses,” the report said. I am. “This is partly due to the fact that cannabis companies generally comply with banking regulations. This paved the way for many potential financing and revenue growth for the cannabis business. . “

“According to a cannabis market analysis by SkyQuest Technology, the current scenario for the cannabis industry is very promising.” The report summary concludes:.. “The industry is growing rapidly and there are many new entrants in the market. This is intensifying competition and innovation. The future of the cannabis industry is to legalize cannabis in more states and for medical use. And with increasing demand for recreational cannabis products, it looks even more promising. The industry is expected to grow further in the coming years, analysts believe. [sic] May it be one of the most important industries in the world. “

The cannabis industry is always in flux, but other market reports predict that it will only continue to grow. In February, the hemp industry was valued at $ 824 million. In June Forbes According to the report, the cannabis tourism industry is currently valued at $ 17 billion and could continue to grow in the post-pandemic world.