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Legal Cannabis Sales Surge 36% In 2019

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Legal cannabis sales could touch $15 billion this year, fueled by CBD product sales and Canada's legalization of marijuana.

According to "State of Legal Cannabis Markets" Reports, released by Arcview Market Research and BDS Analytics, global sales of cannabis in regulated markets showed a growth rate of 20 percent in 2018. Sales are on track to surge 36 percent to $14.9 billion in 2019 and break $40 billion by 2024.

"In 2018, the FDA approved GW Pharmaceutical's Epidiolex and passed the 2018 Farm Bill legalizing hemp in the United States," said Troy Dayton, CEO of the Arcview Group.

"These decisions being made at the federal level put pharmacies and general retailers in the business of selling CBD-based products in all 50 states, which substantially boosted the TCM. In the U.S. alone, sales of CBD products in all channels will hit $20 billion by 2024."

In Canada, which launched adult-use nationwide on October 17, 2018, spending on adult-use cannabis is forecast to grow from $113 million in the partial year of 2018 to almost $4.8 billion by 2024.

In U.S., a total of 13 state markets are expected to passed the $1 billion mark in total annual legal cannabis spending by the end of 2024. Only three states-California, Colorado and Washington- have reached the threshold as of 2018.

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