The global cannabis market is expected to expand at a rapid and unprecedented pace in the coming years, according to a new report by Fortune Business Insights.
According to the report, the global cannabis market was worth $43 billion in 2022, which is expected to reach $57 billion by the end of 2023. Between 2023 and 2030, the market is expected to grow over 650% to reach a market valuation of $444.34 billion. This would mark a ridiculously high compound annual growth rate of 34%.
“[M]arijuana legalization is gaining momentum across the globe”, states the report. “This momentum is driven primarily by the increasing recognition that the product may have a range of legitimate medicinal benefits and therapeutic applications.”
The report notes that marijuana companies “are rapidly evolving to meet the needs of the “mainstream” marijuana consumer. The consumers are no longer limited to smoking flowers with joints, pipes or bongs, but have their choice of an increasing variety of products, including concentrates, infused products, and topicals.”
According to the report, some of the top companies in the marijuana industry include:
- Leafbuyer Technologies, Inc. (OTCQB: LBUY)
- Cronos Group Inc. (NASDAQ: CRON)
- Canopy Growth Corporation (NASDAQ: CGC)
- SNDL Inc. (NASDAQ: SNDL)
- Tilray Brands, Inc. (NASDAQ: TLRY)
You can find more information on this report by clicking here.
