As Additional U.S. States Move Towards Legalization the Cann As Additional U.S. States Move Towards Legalization the Cannabis Industry Revenues Continue to Explode
COMTEX - Updated 5 minutes ago
PR Newswire
It seems as if every report on the future growth of revenues in the legal cannabis markets, recreational & medical, predict continued substantial growth through the next several years. Growing acceptance and adoption of legal marijuana for the treatment of chronic diseases like cancer, arthritis, and Alzheimer's as well as neurological problems such as depression, anxiety, and epilepsy is a key factor driving the market. The increasing legalization of medical cannabis in the region to curb the black market and provide easy access to patients is also expected to spur market growth. A recent report from IMARC, an industry research organization, said that the North America legal cannabis market is expected to reach a value US$ 54.6 Billion by 2025. A report from Grand View Research had even higher projections, saying that the North America legal marijuana market size, which was valued at USD $30.1 billion in 2019 and $38.3 in 2020 is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2020 to 2027, reaching revenues of $104.9 Billion in 2027. Active Companies active today in the cannabis related markets include:Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), THC Therapeutics, Inc. (OTCPK: THCT), Aphria Inc. (NASDAQ: APHA) (TSX: APHA), Sundial Growers Inc. (NASDAQ: SNDL), Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI).
The Grand View Report also stated "as the number of U.S. states legalization is increasing, the market is expected to witness lucrative growth over the forecast period. The U.S. is anticipated to be the fastest-growing country in terms of the market in 2019. This is majorly attributed to high product adoption and utilization owing to government approvals... Hence, increasing the support of U.S. citizens regarding the use of medical cannabis will fuel the market growth during the forecast period. Increasing investments in R&D are likely to expand the application in the medical field."
Aphria Inc. (NASDAQ: APHA) (TSX: APHA), a leading global cannabis-lifestyle consumer packaged goods company inspiring and empowering the worldwide community to live their best life, recently announced the addition of topicals to its award winning adult-use brand Solei(R). Known for its occasion-based offerings, our Solei(R) Topicals will join a range of other formats currently available, including whole dried flower and pre-rolls, smoke-free oils, oral sprays, soft gels, and vapes.
Solei(R) is the first brand from Aphria's portfolio to enter the topicals market with its lineup including three of its popular Moments: Unplug (Lavender), Balance (Orange Citrus), Free (Cucumber Mint) and Free Unscented. Solei(R) Topicals have been carefully formulated to provide consumers with the highest potency topical currently available in the Canadian market (500mg of cannabinoid per container) and a superior texture comparable to a premium non-infused cream - rich to the touch.
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