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U.S Medical Cannabis Market Forecast To Top $20 Billion By 2024

Written by Corre Addam

Medical cannabis and CBD are the talk of most towns these days, especially those in states like Colorado and California. And for good reason, as the legal cannabis market was just projected to hit around $20 billion by 2024

While medical cannabis is a lifesaver for some, it’s a cash cow for others, and that’s why many savvy entrepreneurs are investing their time and money into what looks to be a highly lucrative market in the next decade. According to many pundits that’s not a bad think. After all, the black market of drug gangs and cartels have been making enough tax free cash for long enough now.

It’s all thanks to the ever-softening stance of some US states, who, with the help of the Medical Marijuana Regulation and Safety Act implemented in 2015, are permitted to cultivate and sell cannabis. Despite what AG Sessions has in store from a Federal point of view, it seems like certain states will not be told that they ca’t use cannabis, whether medically or recreationally. With states like Colorado seeing massive tax revenues already, other liberal states wish to follow suit, and that’s understandable.

Medical cannabis and CBD products are thought to be effective in treating conditions such as cancer, arthritis, epilepsy, Alzheimer’s disease,  HIV, glaucoma,  Crohn’s disease, and multiple sclerosis. And while many people will do anything to stop the pain, especially if it’s chronic, America is facing one of the worst drug epidemics in her short history, with life expectancy now down due mainly to doctor-prescribed opioid medications.

Back in 2016, the cannabis edibles market alone accounted for a staggering $2.5 billion, and that market is growing exponentially year after year, across America. Take California as a prime example, who legalized medical cannabis a couple of years ago. They have seen a massive revenue across the board from everything cannabis related, and other states now want in.

While AG Sessions’ recent announcement that he would turn back the clock on the Obama administrations’ lax policy on enforcing cannabis laws, some in the industry are worried that their business and livelihoods could suffer, especially if the feds get involved. But with figures like these, it is hoped that someone in the Trump administration will realize just how lucrative and relatively safe cannabis and CBD are, compared to other drugs on the market.

[Image credit: Pixabay]



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About the author

Corre Addam

Addam spends the lion's share of his day fixated on his computer screen. When he isn't in front of his computer, you'll most likely find him editing or researching his next fascinating article on his smartphone or tablet. When he manages to pull himself away from technology, you'll find him chilling hard somewhere, probably under a tree with an ice-cold Iced-tea, pondering life...