Between medical, recreational and CBD cannabis legal sales will reach 15 billion dollars by 2019
Indeed, taking into account the products of CBD and cannabis sales made in Canada, the United States estimates that the cannabis market will reach the figure of 15 billion dollars in this year 2019. It is an amount of money that exceeds the product gross domestic area of many third world countries. Undoubtedly, the cannabis industry has proven to be a great asset to the economy of the countries involved.
Experts in the cannabis industry have calculated that the numbers will continue to rise in the coming years. In fact, sales in 2019 will exceed sales in 2018 by 36%.
The cannabis industry is becoming an economic giant in the United States and Canada. There are more countries that want their share of the pie, as is the case in Mexico, Uruguay or Israel. But they still have not managed to take off in the sector to the same extent as the two big giants of the industry.
The annual report on the state of legal cannabis markets, has changed its terminology for the first time and now speaks of the “Total market of cannabinoids”, making a clear reference to those non-psychoactive cannabinoids of great importance for health such as CBD, CBN etc. And it also refers to the volatile substances in the cannabis plant that determine its aroma and flavor: terpenes, which are of enormous importance for medicine and the cosmetics and perfume industry.
To give an example, the US Food and Drug Administration recently approved products derived from CBD as pharmaceuticals.
Both the report published by the cannabis market research office of the company ArcView Group and the report published by the data company BDS Analytics, affirm that this spectacular increase in sales is due to the beginning of the legalization of recreational marijuana in Canada and, of course, the unexpected amount of sales in CBD products.
It is very clear that medicinal marijuana produces money. But it has been shown that recreational marijuana also generates a lot of income. We cannot forget that marijuana is the most widely used illegal drug in the world.
We also have to thank Donald Trump for the creation of the Farm Bill (hemp law) that places hemp at the same legal level as any other agricultural product. This law has meant the end of the bureaucratic nightmare for millions of farmers in the United States.
And it is that, in effect, the new law of Donald Trump hemp together with the approval by the FDA (Federal Drug Administration) of the drug Epidiolex (made with CBD) and the legalization of recreational marijuana in Canada are the 3 pillars of the spectacular growth of cannabis sales.
In the article we published on cannabisground.com called “Donald Trump, the President of the hemp” we explained that “President Donald Trump recently signed Congress’ omnibus Farm Bill law which legalizes hemp at the federal level in a shift that will without a doubt support Tennessee’s blossoming hemp and CBD industry.”
All three decisions have been essential to give the cannabis industry unprecedented growth. Troy Dayton, executive director of Arcview, was very pleased with these three factors and said that these decisions that have been taken at the federal level have allowed cannabis pharmacies and retailers to sell CBD-based products in any of the 50 states from United States.
The expectations of sales growth for the next few years are spectacular. Sales are expected to reach $ 66.3 billion by the end of 2025, according to a new report from Grand View Research, Inc. That is, legal cannabis sales will rise 23.9% per year.