9:45AM ET on Tuesday Apr 21, 2020 by PR Newswire

Although most of the world is focused on what will the future hold for the present world health crisis, it appears that the future for worldwide marijuana sales will continue to grow. According to The Global Cannabis Report from prohibition Partners, present revenues are really just the tip of the iceberg. The 87-page report, suggested that worldwide legal weed revenue will increase to $103.9 billion by 2024. 

This would represent an 853% increase in sales from 2018, and equates to a compound annual growth rate of 45.6%. Another report said that The global legal marijuana market size is expected to reach USD 73.6 billion by 2027, according to a new report published by Grand View Research, Inc. It is anticipated to expand at a CAGR of 18.1% during the forecast period. Increasing legalization of cannabis for medical as well as adult-use is expected to promote growth.

While the reports disagree in the projected revenue, they both do project continued growth. 

The more conservative Grand View report was very optimistic, saying: "On the basis of type, the medical segment held the leading revenue share of 71.0% in 2019, owing to the growing adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, arthritis, and Parkinson's disease and Alzheimer's disease among other neurological conditions.

Moreover, increasing need for pain management therapies along with growing disease burden of chronic pain among elders is expected to boost the product demand.