As legal cannabis goes mainstream, it’s creeping into everything from CBD-oil infused beauty products, to houses made of hemp, to banking for marijuana retailers.
Once an illegal and somewhat niche product, legal cannabis is now a fast-growing global industry. And it’s proving to be disruptive, impacting everything from beverage production to home construction.
Global consumer spending on cannabis will reach $32B by 2022, according to BDS and Arcview Market Research, around 3x the current level.
Medical marijuana is already legal across most of the US, and 10 states (plus Washington DC) have legalized marijuana for recreational use. As of October 2018, it is now fully legal in all of Canada as well. The 2018 Farm Bill legalized hemp in the US, opening the door to a wealth of market opportunities.
Now, more traditional industries, including banking, agriculture, construction, and others, have either begun or will begin incorporating cannabis into their products and R&D.
Date: April 22, 2019