The cannabis industry has grown and matured considerably over the past years because it is now being used extensively for medicinal purposes. Cannabis has vast potential due to its proven healing properties for several chronic diseases, which is expected to drive its wider usage. Several biopharmaceutical companies have been increasing their investment in developing an advanced cannabis product line. In addition, as a psychotropic drug, cannabis is seeing high demand in the recreational sector.
The global cannabis market is expected to grow at a 23.9% CAGR to $176.01 billion by 2030. Furthermore, increased legalization of cannabis worldwide for medicinal and recreational purposes is expected to drive the market’s growth in the foreseeable future. In the United States, cannabis is now legal in several states, with public support for cannabis legalization at an all-time high, with the majority of the country supporting federal legalization.
