BRIEF—Wave of impending cannabis legalization

On June 19, 2018, Canada had passed a nationwide legalization of recreational cannabis usage, following Uruguay to become just the second nation to do so.

The USA had previously begun the process of cannabis legalization for the majority of the West Coast, while almost all states have medical-use legalized to an extent.

According to a report published by Hexa Research, the US medical cannabis market size alone was valued at $5.44 billion in 2016 and is anticipated to reach $19.48 Billion by 2024.

Additionally, the industry is likely to witness strong growth during the forecast period due to the several medical benefits of cannabis products and the fast pace of legalization in the USA.

Data provided by Technavio shows that legalization of cannabis for recreational and medical products continues to represent an emerging trend which is gaining traction around the globe.

Currently, 28 States across the USA have legalized marijuana, while 15 others have authorized the use of CBD products.

"The incorporation of new techniques in cannabis cultivation has resulted in the higher growth rate of the global legal cannabis market. The use of these advanced techniques has led to improved quality of the marijuana-derived CBD-oil products, which augurs well for the growth of the market," says a senior analyst at Technavio.

The full report can be seen here.