DETROIT – The global cannabis market size is expected to reach $129 billion by 2028, exhibiting an annual compound growth rate of 26.19 percent during the forecast period.
Various research activities on genetic development and modification of the cannabis plant, developments in legal rights on creation of cannabis and manifestation of medicinal properties of cannabis are the factors that impelling the growth of cannabis market during the forecast period. Whereas, complicated regulatory structure for cannabis usage is impeding the growth of cannabis market. Like other regions, Asia pacific is also found in legalization process of cannabis.
Cannabis is a stiff upright stem plant and basically used as a drug. It is legalized in many countries because of its high medical usage. Cannabis has various health benefits such as controls and reduces epileptic seizures, helps people suffering from PTSD, protects a brain after a stroke, relieves rheumatoid arthritis, alleviates the side effects of chemotherapy. All these benefits are accelerating the growth of cannabis market in the near future. Many governments give an approval for the production and selling of cannabis in the market which in turn improves the cannabis global market demand in the coming years. For example, recently, Australian government allowed cannabis producers to export medical cannabis and its products to the global market.
The COVID-19 outbreak has affected various industries worldwide. The Cannabis Market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:
To read more, click on Michigan Marijuana Report
