Projections show that the marijuana market could be worth $22 billion by 2022, meaning significant potential for growth for marijuana businesses in the U.S. The projections also outline the possibility that the world cannabis markets will explode with growth, and the product availability will take time to catch up.
This provides the U.S. market with significant growth potential outside the U.S. as well as within the country’s borders, since 33 states have legalized medical marijuana and 10 states and the District of Columbia have moved to legalize recreational use. As with U.S. states, various countries are considering the move to legalize recreational marijuana use.
Current import and export is focused on the product providing a revenue-dense benefit — CBD isolate. This is due to the fact that the product is not expensive to ship and brings in significant revenue, especially compared to biomass, which is heavier and more expensive to ship with less financial gain.
As the demand increases, the method of shipping and products handled will adjust, and the market share for U.S. companies will grow in direct proportion to their success in addressing this issue.
In light of the potential for growth, numerous companies within the U.S. are working to expand their cultivation and production facilities, hoping to be able to supply the growing demand in a manner that is financially beneficial and recoup deficits in a timely manner.
Some companies are focused on expanding operations in specific areas, while others are working to expand their reach across the states where marijuana has been legalized. The varied approaches share a common goal, however, and that is to corner a significant share of the market as it is young and in a state of constant growth.