Legal Cannabis Market Projected to Grow Due to Medical Applications

According to a new market research study published by Ameri Research, the global legal cannabis market was valued at $14.3 billion in 2016. The market is forecast to grow at a CAGR of 21.1% between 2017 and 2024, while reaching global sales of

$63.5bn by 2024. The report indicates that, ‘North America accounts for over 49% of the market, with the U.S. being the single largest market’. The key factors boosting the legal cannabis market include the growing tax revenues due to product sales and tourism activities, decrease in crime rate, and several medical applications. There are about 20 conditions for which medical cannabis is used, and some of the more common applications include pain management, arthritis, cancer, multiple sclerosis and Alzheimer’s. In 2016, chronic pain was identified as the largest segment in this market. SinglePoint, Inc. (OTC: SING), CV Sciences, Inc. (OTC: CVSI), GB Sciences, Inc. (OTC: GBLX), mCig, Inc. (OTC: MCIG), MassRoots Inc. (OTC: MSRT)

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Source: Legal Cannabis Market Projected to Grow Due to Medical Applications

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