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The legal cannabis industry is experiencing remarkable growth worldwide.
According to various reports and market research, the global legal cannabis market is projected to reach significant figures. In 2020, this industry was valued at around $20 billion, and it is estimated to exceed $90 billion by 2026.
Several factors contribute to this growth, including the legalization of medical and/or recreational cannabis in several countries, changing attitudes towards cannabis, increased investment, and innovation in the industry.
In the United States, states like Virginia in 2021 and Rhode Island in 2022 have made progress in legalizing cannabis, while countries like Malta in 2021 and Thailand in 2018 have also seen cannabis legalization.
The legal cannabis market encompasses various sectors, including cultivation, manufacturing, distribution, and retail. In regions where cannabis is legally regulated, it promotes job creation, increased tax revenue, and stimulates economic development.
In Canada, over 800 companies are involved in the sale and processing of cannabis. According to a report by Deloitte Canada, the cannabis industry increases the country's GDP by $1.09 for every dollar of revenue and capital expenditure.
Furthermore, Leafly, a cannabis sales and information site in the United States, reported in its 2022 annual report that if cannabis were legalized nationwide, it has the potential to create 1.75 million jobs within the United States.
In 2021, new cannabis-related employment in the United States increased by 33% compared to 2020, demonstrating tremendous growth compared to employment rates in business and finance-related sectors.
It is expected that the legal cannabis industry will maintain its upward trajectory and bring various positive impacts worldwide due to further legalization efforts and changes in consumer preferences.