- U.S. medical cannabis market is projected to reach $19.48 billion by 2024
- Projected growth is driven by the increasing acceptance of medical advantages associated with cannabis, particularly for patients dealing with cancer, diabetes and chronic pain
NEW YORK, May 29, 2018 — According to a report by Hexa Research, the U.S. medical cannabis market is projected to reach $19.48 billion by 2024. The projected growth is driven by the increasing acceptance of medical advantages associated with cannabis, particularly for patients dealing with cancer, diabetes and chronic pain. Symptoms and conditions that may be treated with cannabis products include cancer, HIV, AIDS, Alzheimer’s disease, and multiple sclerosis. Chronic pain accounted for 46 percent of the U.S. cannabis medical market share in 2016. According to the research, the solid cannabis edibles segment in 2016, within the U.S. market generated $2.47 billion in revenue and is expected to continue to dominate the cannabis industry to 2024. Chineseinvestors.com, Inc. (OTC: CIIX), Kush Bottles, Inc. (OTC: KSHB), General Cannabis Corporation (OTC: CANN), Isodiol International Inc. (OTC: ISOLF), PotNetwork Holdings, Inc. (OTC: POTN)
A major portion of the legal cannabis industry Cannabidiol products. Cannabidiol, or CBD, is one of at least 113 active cannabinoids identified in cannabis. The CBD market is growing rapidly in recent years due to CBD’s medical benefits. Sean Murphy, the Founder and Publisher of Hemp Business Journal, said: “Hemp Business Journal estimates the total retail value of all hemp products sold in the U.S. to be at least $688 million for 2016. We estimate the hemp industry will grow to $1.8 billion in sales by 2020, led by hemp food, body care, and CBD-based products. The data demonstrates the hemp industry is growing quickly at 22% five year CAGR and being led by food and body care products, with Hemp CBD products showing a 53% AGR.”
Source: https://www.prnewswire.com/news-releases/cannabis-and-cbd-markets-are-set-to-increase-in-value-683935941.html
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