Cannabis Products Global Market Report 2020-30: Covid 19 Growth And Change
The Business Research Company’s Cannabis Products Global Market Report 2020-30: COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, December 10, 2020 /EINPresswire.com/ — The United Nations’ reclassification of marijuana to remove it from the ‘dangerous’ category could pave the way for reform in countries worldwide. As per Global Market Model estimates, the global cannabis products market is expected to grow from $16.6 billion in 2019 to $19 billion in 2020 at a compound annual growth rate (CAGR) of 14.9%. The consumption pattern in cannabis market has been rapidly shifting due to the COVID-19 outbreak. The majority of European and North American consumers intended to either maintaining or increasing their purchase of cannabis products. The market is expected to recover and grow at a greater CAGR of 29.9% from 2021 and reach $39.7 billion by 2023.
The United Nations Commission on Narcotic Drugs voted to remove cannabis from Schedule IV of the 1961 Single Convention on Narcotic Drugs, where it was listed together with opioids and other highly addictive drugs.* While this decision will not immediately or necessarily change the laws on the same at a global level, as governments will have their own authority on…
