CannabisNewsWire Editorial Coverage: The North American cannabis market continues to accelerate as Canada rockets towards the October 17 deadline for the nationwide legalization of recreational marijuana.
- Hydroponic market trying to keep up with booming cannabis market set to exceed $25 billion by 2021.
- Continued expansion of cannabis cultivation and demand for controllable production parameters are a boon to hydroponics industry.
- Healthcare sector increasing demand for CBD from sources such as industrial hemp.
- Regulatory reform throughout North America and Europe driving change in overall space.
The milestone legislation appears set to open the door wider for companies pursuing a position in the promising sector, including those consolidating vectors within the still highly fragmented hydroponics supply sector. The global hydroponic market alone was worth nearly $3.5 billion last year and is set to break $10 billion by 2023, maintaining a healthy 18.2 percent CAGR. Recently projected revenue growth to more than $30 million next year illustrates the lofty aspirations of hydroponics supplier Sugarmade, Inc. (OTC: SGMD) (SGMD Profile), a company that recently reported a sequential revenue increase of some 215 percent and a year-over-year revenue increase of approximately 228 percent for revenues of just under $3 million in the most recent quarter. Scotts Miracle-Gro Company (NYSE: SMG) is another one to watch in this space, with an already well-established presence and the recent announcement that the company will acquire…
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