The cannabis industry is a space that has been on the rise. It is expected to be worth more than $10 billion by 2020. Cannabis is a plant that has been used for medicinal purposes since ancient times. It has been used as a pain reliever, anti-inflammatory, and appetite stimulant. With the legalization of marijuana in many states across the US, the cannabis industry is expected to grow exponentially.
The cannabis industry is expected to grow to $57 billion by 2027. This growth can be attributed to the increasing legalization of cannabis in the US for both medical and recreational purposes. The cannabis market is a huge opportunity for businesses. There are many industries that have already recognized this opportunity and are seizing it.
- Food and Beverage Industry
The food and beverage industry is one of the largest consumers of cannabis in the United States. They use it to infuse their products with a unique flavor or aroma. Cannabis-infused products have been introduced into various foods like ice cream, cheese, yogurt, and chocolates.The market for cannabis-infused foods and beverages in North America was valued at $6.7 billion in 2017.
Some companies are even creating cannabis-based drinks that are intended to replace the traditional alcoholic drinks.
- Healthcare Industry:
With medical marijuana legal in 29 states, this industry has seen a huge surge in sales over the past few years due to its anti-inflammatory properties and pain relieving abilities. It is also considered as a treatment for cancer patients with chemotherapy-induced nausea and vomiting.
Medical marijuana is one of the fastest growing industries in North America because of its ability to treat chronic pain, cancer, and other conditions. The medical marijuana industry is expected to grow at a CAGR of 32% over the next five years. More and more people are turning to cannabis as a treatment for their ailments, whether it be physical or mental.
- Recreational industry:
The recreational industry is poised for growth as legalization grows. With the rise of technology, more people are turning to recreational activities to relax and unwind. This has led companies in this industry to invest heavily in marketing and advertising campaigns so they can reach a larger audience.
The rise of cannabis-related products has become a major driving force behind the expansion of this industry, with many companies investing heavily in marketing their products so that they can reach a larger audience.
- Legal Cannabis Industry
The legalization of recreational cannabis in Canada has created a multibillion-dollar industry. The Canadian legal cannabis industry is expected to reach $10.2 billion over the next 10 years. In addition, the global market for legal cannabis is expected to grow by 22% annually and reach $146 billion by 2022.
- Tech cannabis companies
The cannabis industry has been growing at a steady rate. This is due to the fact that the industry is still in its infancy. However, technology companies have been involved with this emerging industry from the start.
In particular, tech companies have been working on developing products and services for the cannabis industry. They are also working on expanding their reach in this sector by investing in startups or partnering with other established companies. As of now, there are many different ways that technology companies have been involved with the cannabis market. These include:
– Developing apps for consumers
– Developing apps for dispensaries
– Developing apps for growers
– Investing in startups
– Partnering with other established entities
Newer industries will emerge as the popularity of Cannabis grows.
Cannabis is a new and exciting multi-billion industry. As the world slowly changes perception on cannabis, industries are now recognizing the potential it has to offer. The opportunities are endless. There are many industries who are taking advantage of this new market and new industries will continue to grow.
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