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Report: Global Cannabis Market to Surpass $42 Billion by 2024

If you believe the projections, the cannabis industry will only continue to bloom for the next several years.

This story originally appeared on Cannabis & Tech Today

The global cannabis market is expected to continue climbing to new heights over the next few years, according to a recent report. The report from Arcview Group & BDS Analytics, that said that the global cannabis market is expected to reach to $42.7 Billion by 2024.

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“That is a true testament to just how popular cannabis is among consumers and the ongoing impact of new markets coming online and maturing,” the report reads. “The possibilities are boundless as political progress opens up more markets across the world, and struggling markets sort out their regulatory framework.”

RELATED: The Post Pandemic Cannabis Industry Will Continue To Bloom

Coronavirus hasn’t kept some cannabis companies down… in fact, they’re staffing up even though unemployment in most other sectors soar. Dispensaries around the country that were in strong financial shape heading into the pandemic have been hiring additional workers in response to robust demand for cannabis products.

Almost all states have allowed pot shops to remain open, even though vast swaths of the retail economy have been shuttered for weeks. The coronavirus sales boom, sparked by panicked shoppers worried that dispensaries might be shuttered — quickly plateaued, and most shops report that they continue to do brisk business. In fact the market is projected to grow over the next several years.

Another report from Grandview Research, goes even further saying that the global legal marijuana market size is expected to reach USD $73.6 billion by 2027 and is anticipated to expand at a CAGR of 18.1 percent during the forecast period. It said that the increasing legalization of cannabis for medical as well as adult-use is expected to promote growth.

RELATED: Pay Attention to These 6 Cannabis Industry Trends

“Based on product type, the legal marijuana buds segment accounted for the largest market share in terms of revenue and was valued at USD 9.1 billion in 2019,” the Grandview report reads. “Buds are primary plant products and are readily available without any processing, which makes them relatively affordable for low-income patients. Moreover, the rapid onset of action of smoking buds compared to other types is anticipated to further fuel the segment growth.”

Yet another report in Fortune Business insights projected that the global cannabis market size is predicted to reach $97.35 billion by the end Of 2026 with A CAGR of 32.92 percent.