New Medical Applications are Expected to Boost Cannabis Value
NEW YORK, June 15, 2018 /PRNewswire/ —
According to the data provided by Energias Market Research, the global medical cannabis market is anticipated to increase in value from USD 8.28 Billion in 2017 to USD 28.07 Billion in 2024, and at a CAGR of 19.1% from 2018 to 2024. There are several vital factors that boost the growth of the market, like growing recognition of medicinal benefits, increasing demand for cannabis in the treatment of various diseases, as well as growing research and development investments. Sales of cannabis products for recreational uses are also projected to increase, as California’s new recreational cannabis laws went into effect earlier this year. While California is the largest market, Canada will show strong sales as well; a report by Deloitte estimates the Canadian market will be worth at least USD 5 Billion in sales this year. Crop Infrastructure Corp. (OTC: CRXPF), Acacia Diversified Holdings, Inc. (OTC: ACCA), Future Farm Technologies Inc. (OTC: FFRMF), InMed Pharmaceuticals, Inc. (OTC: IMLFF), PotNetwork Holding, Inc. (OTC: POTN)
In a report by Benzinga, Viridian Capital President, Scott Greiper, indicates that the cannabis market received USD 1.23 Billion in investments during the first five weeks of 2018, up from USD 178 Million a year earlier. Viridian Capital Advisors’ Vice President Harrison Phillips explained: “Investments in cultivation and retail this year have been driven predominantly by the Canadian player. This has been happening pretty consistently from late 2016 through 2017. This reflects the necessity to scale cannabis businesses, to get some kind of advantage, and to explore strategic opportunities, both through acquisitions and international expansion.”
Crop Infrastructure Corp. (OTC: CRXPF) also listed on the Canadian Securities Exchange under the Ticker (CSE: CROP). Earlier this week the company announced breaking news that it, “has secured The Depository Trust Company eligibility for its shares traded in the United States under the symbol CRXPF.