Published On: Tue, Feb 6th, 2018

Positive signs for legal cannabis industry

marijuanaNEW YORK - According to a report by Grand View Research, the global medical cannabis market is projected to reach a value of US$55.8 billion by 2025. After the elections of 2016, Washington DC, along with 28 states, has legalized cannabis for medical uses. The growing number of states and countries getting approval for using it in therapeutic applications is one of the crucial factors driving the demand over the coming few years.

Grand View indicated that several regulatory frameworks such as the Medical Marijuana Regulation and Safety Act will require individuals or companies associated, such as growers, retail operators, and makers of processed pot products to obtain permission and an annual state licence from 2018.

Starting January 1, 2018, the state of California has started legal sales of cannabis products for recreational use. Tom Adams, editor-in-chief at Arcview Market Research and principal analyst at BDS Analytics explained: “Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe… The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-Use markets are the primary drivers of the growth this year. That’s nothing compared to what we can expect in 2018 and beyond from Nevada’s tourism, and California and Canada planning to launch Adult-Use sales in 2018.”

Biotechnology company United Cannabis Corporation recently announced that it has established a limited partnership with its Jamaican partner, Cannabinoid Research & Development Co. and LASCO Manufacturing Limited, one of the leading dry blend beverage companies in Jamaica.

The company also announced that it has signed an exclusive licence agreement with LASCO to produce the company’s CBD water and other bio nutrient medicinals in the form of capsules, sublinguals, roll-ons, and balms for the English-speaking Caribbean and Central America, excluding Mexico.

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