The global legal cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1 percent between 2017 to 2024, while reaching a value of $63.5 billion by 2024, according to a report by Ameri Research.
The market is going through a period of robust growth due to increasing legalization and decriminalization of cannabis products across North America. The state of California legalized products for recreational use on Jan. 1. The state is expected to play an important role in the growth of the industry. As a result, new businesses are expected to contribute to California’s tax revenue.
The Los Angeles Times reported that California is on the verge of creating a legal market for cannabis worth more than $5 billion that will help make the state a destination for pot-loving tourists.
