If you believe the predictions, the cannabis industry won’t continue to flourish for the next few years.

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January 25, 2021 3 min read

This story originally appeared on Cannabis & Tech Today

According to a recent report, the global cannabis market is expected to continue to reach new heights over the next few years. The Arcview Group & BDS Analytics report says the global cannabis market is projected to reach $ 42.7 billion by 2024.

“This is real testament to the popularity of cannabis among consumers and the impact of new markets that go online and mature,” the report said. “The possibilities are limitless as political progress opens more markets around the world and the difficult markets regulate their legal framework.”

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Coronavirus hasn’t kept some cannabis companies in check. In fact, they are recruiting although unemployment is rising in most other sectors. Pharmacies across the country, in strong financial shape en route to the pandemic, hired additional workers to respond to robust demand for cannabis products.

Almost all states have allowed pot shops to stay open, even though large parts of the retail economy have been closed for weeks. The coronavirus sales boom, sparked by panicked shoppers, feared pharmacies might close – quickly on a plateau, and most stores are reporting that they continue to do good business. In fact, the market is expected to grow over the next few years.

Another report from Grandview Research goes on to say that the global size of the legal marijuana market is expected to reach $ 73.6 billion by 2027 and grow at a CAGR of 18.1 percent over the forecast period. It is said that the increasing legalization of cannabis for medical and adult use is likely to fuel its growth.

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“Based on product type, the legal marijuana bud segment had the largest share of sales and was valued at $ 9.1 billion in 2019,” the Grandview report said. “Buds are primary plant products and readily available without any processing, which makes them relatively affordable for low-income patients. In addition, the rapid onset of the effects of smoke buds compared to other species is expected to further fuel segment growth. “

Another report in Fortune Business Insights predicted that the size of the global cannabis market is projected to reach $ 97.35 billion by the end of 2026, with a CAGR of 32.92 percent.