3rd / September/ 2019
The legal North America cannabis industry is estimated by 2024 to be a multibillion-dollar industry annually. The cannabis report on North America concluded that the US cannabis industry will surpass Canada despite Canada being first amongst the G7 countries to legalize cannabis use. Despite the US not federally legalizing cannabis, the country is most likely to enjoy a huge growth on this world’s most profitable industry by 2024.
The published marijuana report by the Prohibition Partners includes an intrusive market value evaluation, analysis of the regulatory timeline, commercial opportunities, healthcare analyses and consumption data all over North America.
According to the report, the US is now leading in cannabis in terms of profit despite having an imperfect model. The country has greater potential and could yield more profits only if there is a functioning and clear legislative federally. The report further showed that only 33 states in the US have legalized medicinal cannabis. For adult-use cannabis, only Washington DC and only 11 states that have legalized it. The data further revealed that medicinal cannabis value sales will slow the recreational market; nonetheless this will only lead to half the value decline in sales by 2024.
The laws in the US on adult-use are leading to the decline and most cannabis business are closing shops or moving out of the US. This in turn is prompting regulators to torn down pushing business out of the state so as to protect tax revenue by pushing for legislative change. There is a stagnation or a decline in alcohol consumption and smoking in western countries. The report also ranked North American marijuana consumer goods market as highly developed as compared to other frontiers. It also predicted that 2019/20 is going to experience an increase in CBD lifestyle products. More European countries like Luxembourg are moving are getting closer to adult-use cannabis legalization which is important for North American brands. These brands will take the opportunity to explore the new untapped European market.
Before the launch of the report, Daragh Anglim who is the prohibition Partners managing Director said that despite preempting the cannabis industry of North America to be worth over $47.3