Marijuana industry will grow 28% every year until 2027

The marijuana industry is poised for solid growth in the coming years, especially with the growing legalization of the plant around the world, the Aphria company projected.

Already the marijuana industry has experienced continuous growth in recent years.

This is especially true in the United States with the recent passage of the Farm Bill in 2018, which now classifies the cannabis plant as a commodity and legalizes the use of derivatives of the hemp plant such as CBD and CBG (cannabigerol).

Cannabis Business Plan predicts that the overall cannabis market will reach $ 24.5 billion in 2021 in North America alone for adult use and medical purposes.

By 2027, this amount is expected to grow to $ 47.3 billion and the compound annual growth rate during this period will reach about 28 percent.

For its part, Grand View Research projects that the global cannabis market will reach $ 146.4 billion in 2025 with a CAGR of 34.6% during the forecast period.

Marijuana industry

You can also look specifically at the Cannbidiol market. According to the Brightfield Group report, with the passage of the 2018 Farm Bill, the Cannbidiol (CBD) market is expected to reach $ 22 billion by 2022.

Technavio analysts expect the CAGR to be slightly above 31% during this period.

Aphria is a leading global cannabis company, with operations in Canada, Germany, Italy, Malta, Colombia and Argentina.

Headquartered in Leamington, Ontario, the company is licensed to grow, process and sell cannabis for medical and adult use, cannabis-derived extracts and cannabis-derived products in Canada under the provisions of the Cannabis Act.

Additionally, the company is in the process of investing in and developing its cultivation, processing and distribution capabilities internationally.