The projected growth of the global cannabis market to $270 billion by 2028, as outlined in the Verified Market Research report, is indeed significant and aligns with the overall trend of increasing acceptance and legalization of cannabis worldwide. The report highlights several factors driving this growth, including: Expanding Legalization: The growing legalization of cannabis for both medical and recreational purposes is opening up new markets and creating opportunities for businesses across the cannabis value chain, from cultivation and processing to distribution and retail. Rising Consumer Awareness: Consumers are becoming more aware of the potential therapeutic and recreational benefits of cannabis, leading to increased interest and demand for cannabis products. This growing awareness is driven by scientific research, anecdotal evidence, and media coverage. Diversification of Products: The cannabis industry is continually innovating and developing a wider range of products to cater to diverse consumer preferences. This includes flower, concentrates, edibles, topicals, and infused products, offering more options for individuals seeking different consumption methods and effects. Regulatory Framework Development: Governments are establishing regulatory frameworks to oversee the production, distribution, and sale of cannabis products. This regulatory oversight ensures product safety, consumer protection, and compliance with legal standards, further legitimizing the industry. Evolving Social Acceptance: Social attitudes towards cannabis are shifting, with greater acceptance and understanding of its potential benefits and responsible use. This changing perception is encouraging individuals to explore cannabis as a therapeutic option and recreational product. The projected growth of the global cannabis market presents promising opportunities for businesses, researchers, and consumers alike. As the industry continues to mature and expand, it is expected to contribute to economic growth, job creation, and advancements in medical research.

According to a report by Fortune Business Insights, the global cannabis market size was valued at USD 43.72 billion in 2022 and is projected to grow from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, exhibiting a CAGR of 34.03% during the forecast period¹.

This growth is driven by several factors:

• Expanding Legalization: More countries are legalizing cannabis for both medical and recreational use, opening up new markets².
• Rising Consumer Awareness: As consumers become more aware of the potential benefits of cannabis, demand for cannabis products is increasing².
• Diversification of Products: The cannabis industry is continually innovating, developing a wider range of products to cater to diverse consumer preferences².
• Regulatory Framework Development: Governments are establishing regulatory frameworks to oversee the production, distribution, and sale of cannabis products, ensuring product safety and compliance with legal standards².
• Evolving Social Acceptance: Social attitudes towards cannabis are shifting, with greater acceptance of its potential benefits and responsible use².

These factors combined present promising opportunities for businesses, researchers, and consumers alike in the cannabis market. As the industry continues to mature and expand, it is expected to contribute to economic growth, job creation, and advancements in medical research. Let me know if you have any other questions or need further information.

Learn more:

1. fortunebusinessinsights.com2. statista.com3. alliedmarketresearch.com

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