According to Grand View Research Incorporation, the global industry for legalized marijuana could see a major growth by 146.6 billion dollars in net worth by the year 2025.
As stated in the report, factors such as the utilization of marijuana for medicinal purposes such as cancer treatments, pain releasing, curing mental disorders and treating other medical conditions, are set to push the growth of legalized marijuana industry.
The adoption of marijuana for medicinal as well as for recreational purposes, is also experiencing a rapid growth, which is why a major success predicted for the industry in the course of the next five to six years.
The Industry of Legalized Marijuana and Marijuana Byproducts on the Rise
The industry of legalized marijuana is growing and accelerating without any doubt as more countries have regulated the laws and regulations to meet the demand for medicinal marijuana, and some countries have even legalized marijuana for recreational purposes.
That is how the industry is showcasing growth and progress, while there are more researchers working on studying marijuana for different applications and purposes with a special accent on treating cancer and relieving chronic pain.
What is interesting is that the industry is developing in a way to encourage different researches, as well as develop and create various marijuana-based byproducts such as tinctures, oil, and even edibles that are attracting great interest among the recreational marijuana users.
One of the main indicators that can witness the potential of the industry is the fact that more companies working with growing marijuana or making marijuana-based products, is emerging from the yet underdeveloped industry that marijuana now represents with legalization across numerous countries around the globe.
While Israel is one of the leading countries in marijuana researches, Australia, Canada, Germany and the United States, are said to become the leading markets for medicinal and recreational marijuana on the rise of the industry.