The Growth of Cannabis and Expansion of Scope
Undoubtedly, the Coronavirus pandemic has crippled many businesses around the world and the CBD industry also had to suffer the consequences. However, the CBD industry is all set to make a strong comeback, and critics believe that the CBD industry will be worth billions in the next few years. After the legalization of CBD in Australia, England, Brazil, and Mexico, the numbers have gone through the roof and it is only going to get better.
The CBD industry is slowly getting back to its feet and since its legalization in countries like Canada, England, and Australia, many investors are eyeing to invest billions into the CBD market. The current situation is that the CBD market in the US is worth around $650m followed by England where the CBD market is worth nearly $500m.
The use of CBD-infused products is still illegal in many countries around the world and even some of the most modern countries in Europe are yet to legalize the use of CBD. However, with each day, many countries are slowly clearing the path for CBD in their countries and looking at it as an opportunity to generate a very large sum in revenues.
The situation in Asian countries is still quite complex, India has legalized the use of CBD but the market value is still on the down-low. Countries like China, Pakistan, Bangladesh, and other neighboring countries really don’t have proper laws on the use of CBD. But with the rising popularity of CBD products and curiosity of the people in these countries, it would be appropriate to say that CBD will generate billions of dollars in revenue when they finally decide to regulate the use of CBD in their countries.
What does the future hold?
A report from 2018 suggests that the CBD market value will increase by 700% by 2020. Currently, it is estimated that the US will have the biggest CBD market value which will be worth around $10 billion in 2020. Similarly, England and Canada are also expected to hit the $10 billion mark by the end of 2026.
One could really say that the future of CBD is very bright and investors who are investing big times in this field will not regret their decisions. Currently, the CBD market around the globe is worth about $4 billion but by the end of 2027, the CBD market will be estimated to be valued at $57 billion.
Countries like Australia, Canada, and Brazil, who recently legalize the use of CBD will also see huge growth in their CBD market value. However, some countries like Austria who prohibits the use of CBD in their country are not expected to make it to the list of top contributing countries in the CBD market.
Once the FDA has regulated the use of medical and recreational cannabis, the market value will only go in one direction but the current obstacles are making it difficult for this industry to grow at a fast pace. But, the future is bright and the CBD industry will be worth a lot more in the near future.