- Global cannabis market estimated to reach $19.89 billion in 2021, projected to grow at a CAGR of 27%
- North America projected to record the highest market share during the forecast period
- SGMD is expanding role as a central player in growing California cannabis delivery marketplace, developing in-house cannabis production capacity
As growing numbers of consumers around the world become more aware of the potential benefits of cannabis, the market is projected to see significant growth. A new report notes that the global cannabis market is estimated to grow at a CAGR of 27.0% from 2021 to 2030 (https://ibn.fm/c3OpZ). That anticipated growth has not gone unnoticed by Sugarmade (OTC: SGMD), a product and brand marketing company focused on expanding its end-market access as a central player in the growing California cannabis space.
“The global cannabis market has been estimated to reach a value of USD $19.89 billion in 2021 and it is projected to grow at a CAGR of 27.0% during the forecast period,” stated the Quince Market Insights report. “The market growth can be attributed can be attributed to the rising awareness among customers concerning the health advantages of cannabis and its increasing medical application.
“The growth factors identified in the market are the proven medicinal effects of cannabis, legalization of cannabis, developments in intellectual property rights of cannabis, and active research and development and modification of the plant,” the article continued. “As the threat and concern of coronavirus continue in communities, the cannabis industry emerges to be growing. The government all around the world are taking initiatives to legalize cannabis because of its numerous medicinal advantages like treatment of chronic diseases is an important factor increasing the development of the cannabis market.”
The report categorized the global cannabis market into five main areas: North America, Europe, Asia Pacific, Middle East and Africa, and South America, with North America “projected to record the highest market share during the forecast period. The medical application of cannabis is observing remarkable development as customers are becoming more conscious about the medicinal advantages of cannabis,” the article stated.
“According to the U.S. Government Accountability Officer, conditions and symptoms that can be treated by cannabis include Alzheimer’s diseases, HIV-AIDS, anorexia, arthritis, nausea, pain, Crohn’s disease, migraines, and multiple sclerosis. Continuous research and standardization of products for medicinal purposes are anticipated to raise the popularity and demand for cannabis in the future.”
Sugarmade has set its eyes on expanding its end-market access as a central player in the growing California cannabis delivery marketplace while also developing its in-house cannabis production capacity to verticalize operations in the space. Through a combination of organic growth and strategic acquisitions, Sugarmade is working to develop a full farm-to-door vertically integrated cannabis business.
For more information, visit the company’s website at www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://ibn.fm/SGMD
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