- 12 more U.S. states likely to approve medicinal or recreational use of cannabis in 2018
- Hemp-derived CBD market on course for CAGR of 55 percent over next five years
- Ventures in both MMJ and recreational marijuana hedge bets
The tide of cannabis legalization sweeping over North America continues to rise despite intractable federal prohibition in the United States. In the U.S., 29 states and the District of Columbia allow cannabis for medical use. In nine of those jurisdictions, adult recreational use is also permitted. Another 12 are considering easing restrictions on cannabis use by the end of the year. In Canada, the recreational market is set for opening by fall. As a result, the cannabis market outlook is bright. A recent report valued the global legal cannabis market at $14.3 billion in 2016 and projected a compound annual growth rate (CAGR) of 21.1 percent until 2024, to reach $63.5 billion (http://nnw.fm/Z3jbp). In the fastest growing segment of this market is where you will find innovative biotechnology company Earth Science Tech, Inc. (OTC: ETST). The hemp-derived CBD market, in which it operates, is ballooning at a CAGR of 55 percent. At that rate, it will cross the billion-dollar mark in five years. With its ventures in leading edge, cannabinoid-based pharmaceutical and nutraceutical products, ETST is poised to share in that market growth.
Fuel is being added to the cannabis fire. In November 2018, initiatives allowing recreational use are likely to be on the ballot in six states, including Connecticut, Delaware, Michigan, New Jersey, Ohio and Rhode Island. Vermont has already been there and done that. In January 2018, the state legislature passed a bill allowing recreational use, the first and only state to do so prompted by legislative initiative, rather than by being put to voters at ballot. In five more states…
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