Research: Global Legal Cannabis Market to Jump to $63.5 billion in 2024

A marijuana plant is seen as people visit the Expo Cannabis forum in Montevideo, Uruguay, on December 5. (File photo via Reuters)
A marijuana plant is seen as people visit the Expo Cannabis forum in Montevideo, Uruguay, on December 5. (File photo via Reuters)

A new report has estimated that the global legal cannabis market will reach $63.5 billion by 2024 at a Compound Annual Growth Rate of 21.1 percent.

The new report released by the Florida-based Ameri Research Inc. said the legal cannabis market worldwide reached $14.3 billion in value.

However, the research company cautioned that due to politics especially the schism in the United States between the states and the federal government, the full potential of the marijuana market is still not clear.

With a population of almost 40 million, California on Jan. 1 became the largest state that has ever legalized recreational marijuana but due to the federal government crackdown, its full force as an emerging marijuana market is still not reached.

Meanwhile, Canada is expected to show strong sales estimated to be $5 billion in 2018.

Currently, only Canada and the Netherlands are the only two countries that are able to export cannabis.

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