Report illustrates $28B billion growth in global legal cannabis market between 2020 and 2024

Report illustrates $28B billion growth in global legal cannabis market between 2020 and 2024

Bethan Rose Jenkins, Cannabis News Writer/Editorial

A new report titled, “Global Legal Cannabis Market 2020-2024,” has been released by leading market research and advisory company Technavio. The in-depth analysis encompasses the growing acceptance of cannabis across global markets.

Industry players who want to stay on top of the ever-changing market can gain some enlightenment through Technavio’s findings, which highlight evolving market regulations, consumer buying behaviors in specific avenues, as well as news of the latest product approvals, launches and developments.

Technavio analysts segmented their findings by the type of industry (medical and recreational), as well as geographical location. Specifically, the Asia-Pacific (APAC) region, Europe, the Middle East and Africa (MEA), North America, and South America are pinpointed in the report.

Key findings from Technavio’s legal cannabis market report 

The legal cannabis market is set to undergo rapid growth, with Technavio’s team of analysts reporting a four percent Compound Annual Growth Rate (CAGR) between the years 2020 and 2024 growth of USD 27.89 billion. Unsurprisingly, during the forecast period, 89 percent of market growth will come from North America.

“Use of advanced techniques in cannabis cultivation and the health benefits of medical cannabis will further boost market growth during the forecast period”, said a senior analyst, who noted that the medical cannabis segment will provide retailers with ample opportunity to harvest income. 

The team also noted that the legal cannabis market will have a “neutral impact” on the economy, due to the financial implications of the COVID-19 pandemic. This is a good point, since the International Monetary Fund (IMF) estimates that, eventually, coronavirus will cost the global economy $28 trillion.

Analysts believe that market growth is being largely stimulated by the enactment of cannabis legalization and decriminalization in various global markets, including Canada, the United Kingdom, Portugal, Poland, Peru, Switzerland, Thailand and Uruguay. As more markets adapt to cannabis reform, Technavio analysts foresee even more revenue growth on the horizon.

Major cannabis industry players gain exposure in Technavio’s legal cannabis market report 

In their report, analysts name-dropped a handful of cannabis industry brands that are likely to reap the greatest rewards during the forecast period. Let’s take a look at some of those companies:

  • Aphria Inc. – Headquartered in Leamington, Ontario, this international producer/distributor of medicinal and recreational cannabis operates via retail/wholesale channels across Canada and internationally. Aphria prides itself on using Co2 extraction to produce its range of CAPILANO, CHAMPLAIN and RIDEAU cannabis oils.
  • Aurora Cannabis Inc. – This Canadian licensed cannabis producer is headquartered in Edmonton. An array of products are featured in Aurora’s line, including CBD and THC-infused drops, amber-colored cannabis oils and dried cannabis.
  • Bhang Corp. – A trusted global cannabis brand, Bhang Corp. boasts a portfolio of more than 100 cannabis, CBD and hemp-derived products. The company operates in the U.S. as a cannabis consumer packaged goods brand company.

You can view a full press release discussing “Global Legal Cannabis Market 2020-2024” report by clicking here.