A CBD producer says the Caribbean will capitalise on cannabis growth trends as the market is expected to reach $147bn by year 2027.
Elvis “Papi” Edwards, owner/operator of CBDxr, told Caribbean Magazine Plus when asked about the recent Cannabis Market forecast that: “The Caribbean will capitalise on these growth trends in the Cannabis market.”
Arguing that he expects the Joe Biden administration in the U.S. to pass a Bill making cannabis legal across all states, Mr Edwards said that people are “stressed” from 2020 and cannabis and CBD products will be the “only thing people would want to take medicine for.”
The Dominican born Edwards has long since been a proponent of CBD and Cannabis development in the region and he expects that “big moves” will take place in the Caribbean in 2021.
In fact, several companies from Canada have already started engagement in Jamaica on cannabis development and research, with one signing an agreement with the University of the West Indies on medical research devoted to cannabis.
A release from a research and marketing company, ResearchandMarkets.com, said that: “The “Cannabis Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Product Type; Application; and Geography” report has been added to their offering.
The release continued with the “Tetrahydrocannabinol-Dominant Segment” registered the “highest CAGR (compound annual growth rate) in Cannabis Market during Forecast Period.”
“The market is expected to reach US$ 147,457.4 million by 2027 from US$ 14,383.8 million in 2019; it is estimated to grow at a CAGR of 29.1% from 2020 to 2027. The report highlights trends prevailing in the global cannabis market along with drivers and hindrances pertaining to the market growth.”
“Based on compound, the global cannabis market is segmented into tetrahydrocannabinol-dominant (THC-dominant), cannabidiol-dominant (CBD-dominant), and balanced THC and CBD. In 2019, the THC-dominant segment held the largest share of the market. However, the market for the CBD-dominant cannabis is anticipated to witness fastest CAGR during 2020-2027. THC has many additional medical benefits. According to a mice study published in 2016, it can assist in improving memory when taken in small doses.”
“The growth of the global cannabis market is as attributed to the legalization of medical cannabis; growing medicinal applications of cannabis; and increasing awareness about medical cannabis through conferences, symposia, and workshops. Additionally, the growing demand of cannabis during the ongoing COVID-19 pandemic is likely to have a positive impact on the market in the coming years.”
