A report by Knowledge Sourcing Intelligence estimated that the world cannabis market should grow at a compound annual growth rate of 19.64%, reaching $36.9 billion by 2024, up from $12.5 billion in 2018.
The North-American cannabis market is expected to maintain a significant share, mainly due to the increasing legalization of cannabis for medical and recreational purposes in various regions of the United States. As of December 20, 10 U.S. states have legalized the purchase and use of cannabis. In 34 of the 50 states, people with specific medical conditions can access medical cannabis in a legal way.
According to the report, the main factors for cannabis market growth are the increase in the number of countries where cannabis is legalized, the tendency to produce edible products with cannabis, and incentives from governments. Over 40 countries have already legalized medical cannabis.
Each year, the legal use of cannabis for medical and recreational purposes grows. However, it varies from country to country based on possession, distribution, cultivation and medical indications for consumption. Doctors use the cannabis plant to treat, for example, muscle spasms, nausea, lack of appetite, and weight loss.
It is also estimated that the use of cannabis as a functional food will increase, with health benefits surpassing what consumers can obtain with items such as kale, saffron or kombucha. Cannabis is expected to be included in food trends in the coming years.
The European cannabis market landscape has attracted experienced cannabis companies
In Europe, the cannabis market landscape has bright prospects, as several reports have estimated in the last two years. Forecasted to grow to a staggering €123 billion by 2028, the future of the European cannabis sector sounds exciting. The legalization of medical cannabis and CBD-based products has been adopted in several European countries, thanks to their proven health benefits.
The CBD industry is gaining more attention, and experienced cannabis companies that want to become the main players in the lucrative sector have already set a foothold in Europe. World High Life Plc (NEX:LIFE) is not just another cannabis company, it’s an investment company founded by two North-Americans with strong experience in the North American cannabis sector.
WHL’s team of experts explores investment opportunities in the UK and other European countries and acquire only the companies with rising potential to become leaders of the CBD and medical cannabis industry. In November, World High Life acquired UK’s leading CBD company, Love Hemp Ltd. Through this partnership, WHL will also enter Europe’s most promising medical marijuana market, Germany, by 2020.
World High Life offers a unique opportunity to investors who missed the chance of investing in the North-American cannabis market before it took off. By purchasing a single stock, investors will have access to a portfolio of top companies operating in the medical cannabis and CBD sectors. This way, they will benefit from decades of experience World High Life has won in North America. The company is now leveraging this knowledge in the emerging European market with huge growth perspectives.
The North American cannabis markets became more and more crowded, so experienced cannabis companies have turned their attention to Europe, the new frontier market. An early entry is the key to success and World High Life has already laid the foundation for future domination.