Cannabis has globally grown in popularity in recent years. Medical uses in particular are becoming more important and the first countries are already beginning to legalize the plant following the Netherlands or the USA. At CannaChain, we have been watching these developments very closely and with keen interest and believe that cannabis offers tremendous benefits to the world and may well enjoy global legitimacy in the foreseeable future. It is well known that there is a lot of money circulating in the cannabis industry, which will grow exponentially with legalizations around the globe. As an ecosystem, we want to benefit from this forthcoming growth. We are bringing a digital, decentralized revolution for the entire cannabis market to the blockchain and have a clear vision for the future.
A report from the UN estimates that there are 263 million active cannabis users in the world, which is approximately 4.9% of the world’s population. The U.S. is home to the largest number of cannabis users. According to New Frontier Data’s recent report, the world’s cannabis consumer market size is $344 billion, 95% of which is illegal trade. The world’s top 5 cannabis markets ranked by annual revenue are: Asia - $132 billion, North America - $85.6 billion, Europe - $68.5 billion, Africa - $37.3 billion, Latin America - $9.8 billion.
The Hemp Farming Act of 2018 re-classified Hemp as an ordinary agricultural commodity. More than 50 countries had legalized CBD, while more than 30 countries are growing hemp. Medical marijuana was legalized in 33 U.S. states; the recreational use of marijuana was legalized in 11 states. Following the trend, we can predict the complete legalization of marijuana in North American within the foreseeable future. Corporate giants, including Microsoft, Heineken, Procter & Gamble, and Coca Cola have entered the cannabis market. In 2018, California‘s $30 billion market was the largest in the U.S., but only $6 billion of that was part of the legal marketplace. The global market for legal cannabis is currently $12 billion and is predicted to reach $166 billion by 2025.