NetworkNewsWire Editorial Coverage: A new report out from Hexa Research projects that the domestic market for medical marijuana is slated to grow over 250 percent by 2024 to reach a new worth of nearly $20 billion (1). Globally, the market is estimated as reaching some $55.8 billion by 2025. Players in the space are banking on this incredible growth, executing their individual strategies to take part in the vast opportunities. SinglePoint, Inc. (SING) (SING Profile) employs a diversified acquisition-based strategy and is moving toward select joint-ventures to further enhance revenue growth potential as an increasingly cannabis-focused holding company. The goal of any company is growing value, and whether we are talking about up and coming growers like Supreme Pharmaceuticals, Inc. (SPRWF), cannabinoid medicine developers such as Emerald Health Therapeutics, Inc. (EMH:CA), suppliers of proprietary cultivation systems like Surna, Inc. (SRNA), or a holding company like General Cannabis Corp. (CANN), revenue growth and expansion are common objectives.
Analysis of publicly available 2016 data by Marijuana Business Daily offers investors clear insight into why companies are looking to gobble up broader footings in this market. One key data point shows that over 64 percent of medical marijuana patients were qualified under chronic or severe pain conditions. Pharmaceutical pain management is a $32.3 billion market in and of itself and is slated to grow at an 8.1 percent CAGR through 2022. Given increased attention to the opioid epidemic in the U.S. and a resounding chorus of voices citing intriguing data such as the 23 percent decrease in hospitalization rates for opioid abuse in states that legalized medical marijuana, we can see clearly why companies want to get their hands on as much of this industry as they can (and fast).
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Cannabis Sector Strategies Light the Way for Industry Growth
