CNW Group Before the twentieth century, cannabis was used as a sort of medicine to treat asthma, coughs, migraines, and insomnia. However, due to the psychoactive effects of tetrahydrocannabinol, or the THC-derivative, cannabis became illegal and was removed from the list of registered medicines. Now, cannabis is rapidly emerging around the globe as countries begin to reverse the laws and legalize its medicinal use again. While most countries are exploring opportunities within the medical cannabis sector, the proliferation of recreational cannabis is rapidly spreading throughout the western hemisphere of the world. Currently, the U.S. and Canada dominate the recreational sector, however, countries in Latin America are also looking to legalize cannabis for adult-use. The series of countries moving towards legalization is also part of the cause of this explosive market, as demand pours in from around the world. According to data compiled by Zion Market Research, the global legal marijuana market was valued at approximately USD 16.71 Billion in 2017 and is expected to generate revenue of USD 62.96 Billion by 2024. Additionally, the market is expected to exhibit a CAGR of 21% during the forecast period from 2018 to 2024. Biome Grow Inc. (OTC: BIOIF) (CSE: BIO), General Cannabis Corp. (OTC: CANN), Emblem Corp. (OTC: EMMBF) (TSX-V: EMC), The Supreme Cannabis Company (OTC: SPRWF) (TSX-V: FIRE), Terra Tech Corp. (OTC: TRTC)
Recently, Canada became the second country and first G-7 nation to legalize cannabis entirely, joining Uruguay in an exclusive club. Canada's legalization has also encouraged other countries to follow in its steps and enter into the cannabis marketplace. Despite only two countries having legalized cannabis entirely, there are still multiple nations that have adopted medical cannabis legislation such as the United Kingdom, Italy, Germany, Colombia, Brazil, and Australia. Nevertheless, the global industry still remains within its infancy stage, and countries like Canada and the U.S. are helping the industry grow. "Canada has just become the first major economy to legalize adult-use cannabis federally, giving domestic players a first-mover advantage to supply and serve international markets," said the Canadian branch of PricewaterhouseCoopers, "Canadian licensed producers (LPs) have a unique opportunity to establish a global leadership role in the industry at a time when many jurisdictions are considering legalizing cannabis. In fact, Canadian businesses have the opportunity to influence foreign policy development thanks to this country's leadership position on cannabis. Already, most of the prominent Canadian companies have invested in countries with strong medicinal markets - including Australia, Israel and Germany - and some have set their sights on investments in Columbia, Jamaica and South Africa (primarily through Lesotho), to name just a few locations."