This past March, in an article for Forbes, Thomas Pellechia picked out the highlights from a comprehensive report on the legal cannabis industry, called “The Road Map to a $57 Billion Worldwide Market,” by Arcview Market Research. One of the article’s highlights is contained in the title of the report: Arcview estimates that spending on legal cannabis throughout the world will climb to $57 billion by 2027 and approximately 33% of that amount will be spent on medicinal cannabis.
As Pellechia discusses in his article, the two cannabis markets–recreational and medicinal–will grow rapidly in the next decade, though this growth will happen in different areas throughout the world. The Arcview report predicts that the adult recreational market will dominate sales in the U.S. and North America, while the medicinal cannabis market will represent the larger market in Europe, where many nations have government-subsidized healthcare systems.
The cannabis markets, both recreational and medicinal, have evolved slowly over time, mostly due to changing laws, catalyzed by shifting attitudes, that have a domino effect. As Pellechia points out in his article, the decision by some U.S. states and Canada to regulate medicinal cannabis set off a gradual wave of changes. In 2012, Colorado and Washington became the first states in the U.S. to legalize recreational cannabis, and now, in 2018, Canada will become the first G7 and G20 nation to legalize recreational cannabis.
Since these markets have opened up, new companies have been created to develop and cultivate cannabis, educate consumers, and market the uses of medicinal cannabis and cannabidiol (CBD).
Companies like cannabisMD are leading the charge on the education front. The company is a digital media brand that focuses on providing comprehensive and unbiased information to consumer on the therapeutic applications of cannabis and CBD. CannabisMD specializes in original content, including longform articles, videos, podcasts, and research, that gives consumers the information they need to make informed decisions about wellness and health.
G. Scott Paterson, co-founder and chairman of cannabisMD, explained that the company has ambitious plans. The company has a mission to gather, sort, and make sense of all there is to know about the role that cannabis has to play in the future of our society.
Another cannabis-related company that has been prominently mentioned in recent news is the Ontario-based Canopy Growth. In 2014, Canopy Growth became the first publicly traded cannabis company in North America, and the company has seen its stock rise significantly over the last few months. Tweed, a subsidiary of Canopy Growth, has a policy of compassionate pricing for medicinal cannabis, in an effort to keep it affordable for patients.
As mentioned in the Forbes article, Arcview also predicts that the federal laws regarding recreational cannabis in the U.S. could also change–but not until after the 2020 presidential election.