The Medical cannabis market size anticipated to reach USD 19.48 Billion by 2024
Written By: Jen Neville
July 6, 2018
Canada had recently passed a nationwide legalization of recreational cannabis usage, following Uruguay to become just the second nation to do so. The U.S. had previously begun the process of cannabis legalization for the majority of the West Coast, while almost all states have medical-use legalized to an extent. According to a report, the U.S. medical cannabis market size alone was valued at USD USD 5.44 Billion in 2016 and is anticipated to reach USD 19.48 Billion by 2024.
Additionally, the global industry is likely to witness strong growth during the forecast period due to the several medical benefits of cannabis products and the fast pace of legalization in the United States.
Sources show that legalization of cannabis for recreational and medical products continues to represent an emerging trend which is gaining traction around the globe. Currently, 28 States across the U.S. have legalized marijuana, while 15 others have authorized the use of CBD products. The incorporation of new techniques in cannabis cultivation has resulted in the higher growth rate of the global legal cannabis market. The use of these advanced techniques has led to improved quality of the marijuana-derived CBD-oil products, which augurs well for the growth of the market.
Tidal Royalty Corp. just announced breaking news earlier that, "it has entered into a Letter of Intent with an established licensed operator based in Monterey, California to finance the expansion of the company's operations in the state. The Monterey Cannabis Company is led by a seasoned management team with experience across cultivation, extraction and retail distribution. The company currently operate on a 21-acre property located in Monterey County, California, consisting of ~240,000 sq. ft. of commercial greenhouse space. The Monterey Cannabis Company's products are distributed through a network of dispensaries under a retail brand partnership.
Pursuant to the LOI, Tidal Royalty will provide the Monterey Cannabis Company with up to US $15.0MM to finance the expansion of the company's cultivation capacity and to establish a new processing facility that will enable it to bring a broader range of products to market. In return, the Monterey Cannabis Company will pay Tidal Royalty 15% of all net sales generated by the financed operations in California in perpetuity.