U.S. To Remain Atop Global Cannabis Market Share
Reports show and predict that the U.S. will be at the epicenter of the global cannabis/marijuana markets. A report called "The State of Legal Marijuana Markets, 6th Edition", from Arcview Market Research and BDS Analytics report states, "Legal adult-use sales will largely be a North American phenomenon," and today the U.S. reigns in the legal cannabis market worldwide. By 2022, legal cannabis revenue in the U.S. market is projected to hit $23.4 billion (73% of the market). During the same period, Canada is projected to reach $5.5 billion (17%) and at $3.1 billion, the rest of the world will represent almost 10% of the legal cannabis market." Another article by an industry website looking at the global market said: "If more countries fully legalize cannabis, including the United States and all European countries, the global cannabis market could be worth $194 billion in seven years according to a new report from the Bank of Montreal. It could lead to a $30 billion medical cannabis market and a $68 billion recreational market in Europe. In the U.S., legalization would mean up to $19 billion medical cannabis sales and a further $49 billion from the adult-use of cannabis. Active Companies from around the market with current developments this week include: Leafbuyer Technologies, Inc. (OTC: LBUY), The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTC: TGODF), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), CV Sciences, Inc. (OTC: CVSI), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED).
Demand for Jobs in the Cannabis Industry Continues to Expand Rapidly
With the recent boom in the cannabis industry, companies are actively seeking employees to fill various and numerous positions. As cannabis legalization continues to spread, more entrepreneurs are diving into the industry, causing a spur of job openings. And according to Glassdoor's database, there were 1,512 cannabis job openings in the U.S. in December 2018, a 76% increase from the same period a year prior. Moreover, 53% of the cannabis job openings are for professional and technical workers as service, retail and labor or more physical job openings made up a significantly smaller portion of the market. Nonetheless, positions such as Brand Ambassadors, Sales Associates, Store Managers, Wellness Coordinators, Delivery Drivers, and Lab Technicians were among the most demanded jobs. While there is also a demand for positions such as budtenders or retailers, many companies are looking for candidates with backgrounds in marketing, plant sciences, and accounting. For example, San Francisco and Los Angeles combined account for a quarter of the job openings in the U.S. And while cannabis is still considered federally illegal, the industry's salary is marginally more than the U.S. median salary. Cannabis-based workers, on average, are compensated roughly USD 58,511 per year, compared to the U.S. median salary of USD 52,863. Due to the diverse nature of the industry, pay can reach upwards of USD 215,384 for positions like medical and legal professionals. Overall, the increasing job market highlights the rapid growth that cannabis has witnessed within recent years. Furthermore, as the industry continues to expand, more positions are to be required in order to comply with state law and safety requirements. As a result, the growing job market adds credibility and legitimacy to the overall cannabis industry, further developing aiding in its development. According to data compiled by Verified Market Research, the global marijuana market was valued at USD 42.2 Billion in 2017 and is projected to reach USD 466.81 Billion by 2025. Additionally, the market is expected to accelerate at a CAGR of 35.3% from 2018 to 2025. Canopy Rivers Inc. (OTC: CNPOF) (TSX-V: RIV), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED), Altria Group, Inc. (NYSE: MO), Pyxus International Inc. (NYSE: PYX), The Scotts Miracle-Gro Company (NYSE: SMG)
Cannabis Global Markets Potential of $194 Billion in Next Seven Years
The legalization of global cannabis industry seems to grow higher as more and more countries legalize marijuana for recreational and medical use. A report from the bank of Montreal said: " High valuations justifiable if investors factor in potential of U.S. legalization on a federal level and legalization in the EU. The potential of the global cannabis industry is so vast that it could eventually make the sky-high valuations of some Canadian licensed producers look like bargains, according to a new report from Bank of Montreal. In the report, the bank's cannabis sector analysts, Tamy Chen and Peter Sklar, sought to determine just how big the total addressable market Canadian producers will be competing for in the coming years, one that doesn't stop at Canada's borders. Assuming a blue-sky scenario in which the U.S. and all 28 countries in the EU legalize marijuana for both recreational and medical use -- and in which Latin America allows the medical use of cannabis -- they project that in seven years the market could reach $194 billion, a number that significantly dwarfs the $5.9 billion in potential revenue they anticipate will be generated by the Canadian medical and recreational markets. Currently, the biggest three licensed producers in Canada have a combined market capitalization of more than $30 billion. Active companies in the Cannabis market this week include Cannabis Strategic Ventures, Inc. (OTC:NUGS), HEXO Corp. (TSX: HEXO) (NYSE: HEXO), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), CannTrust Holdings Inc. (NYSE: CTST) (TSX: TRST), Tilray, Inc. (NASDAQ: TLRY).