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Cannabis is about to change the world.
Marijuana stocks may not have had a banner year in 2018, but the cannabis industry made waves like never before. When the curtain closed, Canada had become the first industrialized country in the world to give the green light to recreational weed, paving the way for billions of dollars in legitimate annual sales, and pulling cannabis out of the shadows and into the spotlight as a valid business model.
We also witnessed plenty of history made in the U.S., too. In December, President Trump signed the Farm Bill into law, legalizing hemp and hemp-based cannabidiol products throughout the country. Additionally, the U.S. Food and Drug Administration approved its very first cannabis-derived drug, and a handful of states legalized pot in some capacity. Roughly two-thirds of all states have now legalized medical cannabis, with 10 of those states also allowing adult consumption.
In other words, this is a fast-growing industry -- and business is about to pick up.
Global marijuana sales could approach $17 billion in 2019
According to a report ("2019 Update to The State of Legal Marijuana Markets") released on Monday, Jan. 15, by Arcview Market Researchand BDS Analytics, global consumer cannabis spending is expected to skyrocket by 38% in 2019 to $16.9 billion, up from an estimated $12.2 billion in 2018, $9.5 billion in 2017, and $6.9 billion in 2016. Furthermore, compound annual sales growth between 2017 and 2022 is expected to clock in at 26.7%, with the report calling for $31.3 billion in global marijuana sales in 2022.
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