Cannabis sales could hit a global high of Ksh1.5 trillion this year following the legalisation of the plant in Canada, CNN has reported.
This will be a 36 percent increase from the sales witnessed in 2018, according to “The State of Legal Cannabis Markets” report by Arcview.
The sales entail “Total Cannabinoid Market,” meaning it encompassed sales of medical and recreational cannabis at dispensaries; hemp-derived products rich in non-psychoactive cannabidiol, or CBD; and US Food & Drug Administration approved CBD-based pharmaceuticals.
“These decisions being made at the federal level put pharmacies and general retailers in the business of selling CBD-based products in all 50 states, which substantially boosted the [projections],” Troy Dayton, Arcview’s chief executive officer, said in a statement.
The report further note that the sales could hit $44.8 billion (Ksh4.5 trillion) globally by 2024, with the sales of CBD products across all channels poised to hit $20 billion (Ksh2 trillion).
Canada’s market alone is projected to hit $5 billion (Ksh500 billion).