Research Markets Business & Marketing Research Paper (Research Paper Sample)

Growth, Trends, and Forecast of Cannabis (2019 - 2024)
Student’s name
Institutional Affiliation
Contents Introduction ………………………………………………………………………………………
Growth, Trends, and Forecast of Cannabis in North America……………….…………………. 3
Growth, Trends, and Forecast of Cannabis in Europe .....……………………………………….. 8
Growth, Trends, and Forecast of Cannabis in Asia-Pacific ……………………….…………… 13
Growth, Trends, and Forecast of Cannabis in South America……………………………..........15
Growth, Trends, and Forecast of Cannabis in the Middle East………………………………… 21
Growth, Trends, and Forecast of Cannabis in Africa…………………………………….…….. 22
References ……………………………………………………………………………………… 24
Growth, Trends, and Forecast of Cannabis (2019 - 2024)
Introduction
In 2018, the value of cannabis market was USD 14.5 billion, and this value is projected to be USD 89.1 billion by 2024. The compound annual growth rate is estimated to be 37% during this projected period. The increase in value is driven by, among other factors, the medical properties and benefits of cannabis, increased legalization of marijuana around the globe, and the flourishing advances made in genetic development as well as in intellectual property of marijuana (Weisskopf, 2019). The restraints present in the market include high constrains on soil, unsustainable agriculture, illegalization of the product, harsh laws against the use of cannabis and stiff competition from conventional and traditional methods of treatment.
Growth, Trends, and Forecast of Cannabis in North America
The usage, possession and sale of cannabis with THC levels over 0.3% is illegal in the United States under the federal law, the state laws notwithstanding. The federal Controlled Substances Act of 1970 classifies cannabis as a Schedule I drug is considered it as not having any medical uses. The federal Act also characterizes cannabis as having high aptitude for abuse as well as physical and psychological dependence (Caulkins, et al. 2016). Aside from using cannabis for FDA-approved research programs, any other use is considered illegal.
The use of the drug for industrial purposes was illegalized without having the permission of the Controlled Substances Act since cannabis was categorized as a drug. The Agricultural Act of 2014 made it possible for the state level departments dealing in agriculture and universities to grow the drug for its uses in industrial potential. According to Schlimgen, (2018), being a psychoactive drug, it is still being widely used for both medical and recreational purposes in the United States. By 20189, 11 states in the US had legalized the use of marijuana for recreational purposes.
Most of the arrests made in relation to cannabis are for possession and not usage or sale. However, most of the individuals in prison arrested for marijuana possession were also convicted of other serious crimes. According to reports from the Federal Bureau of Investigation's annual Uniform Crime Report, over 12 million cannabis-relates arrests have been made in the country since 1996 (Bagley & Rosen, 2015). Most of the individuals found in possession of the drug were either Black or Latin Americas. This could be attributed to many factors including prejudice of the legal systems.