New data from Kryptoszene has revealed the cannabis industry is expected to see an increase in sales up to 374% until 2023. In only three years, a rise in demand for CBD-products will most likely result in a turnover of $23.7bn in the United States.
While companies have sold cannabis products with a worth of $620m in 2018 and $5bn in 2019, the market will continue to grow to reach a turnover of $7.38bn in 2020, $10.89bn in 2021, $16.06bn in 2022 and $23.7bn in 2023.
Last year, Kryptoszene reported on problems of cannabis overproduction. According to the new data, this supply-demand gap will now close down. Due to new areas of application more cannabis products will potentially find their ways into the market. Sales of CBD skincare products could rise from $710m in 2018 to $959m in 2024.
Kryptoszene Analyst Sebastian Schuster commented said: “We are still in the early years of a professional marijuana industry. The market takes some time to find the right balance between a steady production on one side and good products in high demand on the other side. But over the coming years we will get closer to that balance.”
Source: Business Leader
