By NuggMD Co-Founder & CMO, Alex Milligan.
It’s fair to say that the active participants on both sides of the cannabis market – suppliers and consumers – are delighted to read each headline heralding yet another state or county legalizing the use of recreational marijuana. As a matter of fact, fewer than 7 million of America’s 335 million inhabitants live in places without some degree of marijuana legalization. The surprising speed with which state-level legislation is dropping the barriers to adoption is a long-awaited dream for many who had been previously involved in the cannabis ecosystem only “from the shadows.”
What’s driving this new wave of approval? Few would argue with the presumption that a key stepping-stone to this process has been the broad acceptance of medical marijuana (MMJ) by the medical community as a mainstream treatment strategy for a long list of clinical maladies. While growth estimates in such a dynamic industry are hard to nail down, the most common indicate that while the MMJ market surpassed $22.4 billion in 2020, it is estimated to register over 19.3% CAGR between 2021 and 2027, reaching $87.4 billion.