- Cannabis is fastest-growing industry in North America
- Canada’s cannabis market is ripe for explosive growth
- Algae Dynamics carving out niche in explosive market
The fastest-growing industry with the most consistent growth rate in North America is legal marijuana. A recent Forbes article says that the market could grow 700% by 2020 (http://nnw.fm/5lE7h). Investors have become acutely aware, which explains the movement in some marijuana stocks that have risen dramatically over the last 18 months.
According to ArcView, a well-known cannabis research firm, North American sales of legal medical and recreational cannabis soared 34% in 2016 to $6.9 billion. These markets are expected to continue to grow at a blistering pace of over 25 percent annually through 2021, reaching approximately $22 billion. Growth is expected to come from further jurisdictional expansion of legalization, plus rapid organic growth in areas where the drug is already legal. Mexico recently legalized medical cannabis throughout the country, and, in Canada, the number of eligible medical patients has been growing at a pace of almost 10% per month, according to Health Canada. Canada’s government has also introduced legislation to make recreational marijuana legal across the country by this time next year.
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