The global pot market is valued at US$28.1 billion in 2021 and will reach US$197.75 billion by 2028, according to a new report by a consulting firm.
This week, SkyQuest Technology Consulting Pvt, Ltd. released a market report and found that the driving force of the market is the adult-use segment with states like California and Colorado leading the way. The growth is due to the acceptance of cannabis use as legalization continues to expand worldwide.
According to SkyQuest, 40 per cent of adults in the United States believe that pot can help a wide variety of medical conditions. This acceptance has led to a rise in demand for CBD and THC products.
“While this cannabis market growth is impressive, it’s not without its challenges. For example, there are still a lot of people who are unfamiliar with the benefits of cannabis and its uses,” reads a statement by analysts at SkyQuest.
The firm says the demand for products has created a shortage of cultivators and manufacturers that produce high-quality products.
The report says how health concerns around cannabis use have been raised in Thailand and Germany with the most recent policy updates arguing a lack of research as the Thai Ministry of Public Health has not released any studies to support use safety.
Similarly, some German officials believe there are no safe levels of THC consumption
According to SkyQuest report, the top companies in the pot market include TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC), Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), MedMen Enterprises Inc.‘s (CSE: MMEN) (OTCQB: MMNFF) among others.
Read more: Extract market projected to have exponential growth: Coherent Market Insights
Read more: Demand for CBD pet products forecasted to increase: Research and Markets
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