cannabis
A variety of medicinal marijuana buds in jars are pictured at Los Angeles Patients & Caregivers Group dispensary in West Hollywood, California U.S., October 18, 2016. Reuters/Mario Anzuoni

The widening cannabis legalisation in the US and the rest of the world is doing wonders for the industry. The movement is expected to give the industry a steady annual growth for the next several years.

A market report by Ameri Research Inc. says that the global legal cannabis market is estimated to be a US$63.5 billion (AU$82.34 billion) industry by 2024, a big jump after the market only stood at US$14.3 billion (AU$18.54 billion) in 2016. This means the industry will be seeing a compound annual growth rate of 21.1 percent from 2017 to 2024.

The report says that the market is seeing cannabis go through a transitional period toward legalisation and decriminalisation across North America and even outside the United States. Citing Germany’s recent moves to make cannabis available for pharmaceutical purposes, the report notes that the concept of medical cannabis has been permeating communities around the world even without a legal finality. Europe will reportedly have the potential to become one of the largest medical cannabis markets in the world.

The financial news informational web portal, citing another report from the ArcView Market Research, says that the expansion of the legal cannabis industry will “reaccelerate beginning 2018 as adult use sales ramp up” notably in Canada, California and Massachusetts along with medical sales in Florida.

Cannabis firms that have been in the growth zone

Before the legal cannabis revolution even started, some companies in the country have been keen on expanding and improving their cannabis businesses, as though foreseeing this surging trend coming.

According to FinancialBuzz.com, PotNetwork Holding, Inc. (OTCMKTS:POTN) is one of the cannabis-focused firms to watch for this year. Based in Florida, the publicly-listed firm has gained popularity not only in the state but across the US for its dedication to research, development and multi-national distribution of premium hemp extracts made with a wide range of cannabinoids and natural hemp derivatives.

Through Diamond CBD, Inc., its wholly-owned subsidiary, PotNetwork offers a range of 100 percent naturally made cannabidiol-infused (CBD) products such as edible gummy bears; pain reliever creams; CBD oil and tincture; vape pens, liquids, additives and tanks; and only recently, animal health and wellness products, a first for pet care.

On March 23, the firm exhibited its MediPets product line at the Global Pet Expo held in Orlando, Florida. This product range aims to offer pet owners a new way to support their animal's health in a non-invasive, non-toxic way.

On the pharmaceutical side, life science firm CV Sciences, Inc. is one of the cannabis industry revolutionaries today. The Nevada-based CBD pharmaceuticals and consumer products seller is on the brink of getting the approval of the US Food and Drug Administration for its synthetically‐formulated CBD-based medicine.

Last year, the CV Sciences was part of Deloitte's Technology Fast 500™ which is an annual list of the fastest growing companies in various sectors. With revenue stream as its basis, the ranking covers the technology, media, telecommunications, life sciences and energy tech sectors in North America. The Deloitte Technology Fast 500 noted that CV Sciences grew by 403 percent in 2016 from 2013 levels.

Even with a restrictive regulatory environment, cannabis stocks have proven to be a promising bull market. Analysts think there’s no stopping the crop from soaring because of its therapeutic benefits. As legalisation of cannabis takes place around the world, it won’t be long before the miracle crop can be part of the medical norm to treating backaches to possibly saving someone from cancer.

Article based on press release sent for consideration.

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