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THC market growth
The THC market is always growing and changing extremely fast. Ever since it had a rapid wave of recreational and medical legalization, there are about 70 countries that have some form of legalization.
Once billions of dollars went in, the THC industry found itself going into a whole new chapter and growing as it has never before.
As the THC industry is growing, we at K.I.N.D also kept growing. On our website, you can find much high-quality THC and CBD products. You can find them at your nearest location via a thc store locator.
The legalization had a massive effect on several instances regarding the cannabis industry. There are some key examples to showcase this change. For instance, the dispensaries were considered essential during the pandemic, Uber announced adding cannabis deliveries, and Malta became the first country in Europe to legalize cannabis for recreational purposes.
Since the dynamics shifted, the cannabis industry has started generating more than 20 billion dollars globally. This statistic is mainly about recreational sales every year.
The biggest THC market is in the US because they generated around 16 billion dollars in sales in 2020. All of this sounds great if the regulations were not so tricky to navigate since not all states have legalized cannabis in any form.
The good news was that in 2022, Delaware, Oklahoma, and Mississippi considered legalizing cannabis, so the states that have not legalized it went from 14 to just 11.
Statistics for 2020 show that the legal cannabis markets have performed quite well in sales. Canada generated 1.84 billion dollars, Europe generated 0.28 billion dollars, Oceania generated 0.05 billion dollars, and Latin America generated around 0.17 billion dollars.
These growing markets are supported by retailers, growers, and biotechnology companies. In 2020 consumers spent more than 20 billion dollars, and this statistic will go up by 37 billion dollars by 2023.
Forecasts predict that Europe will generate 39.1 billion dollars, North America will generate 37.9 billion dollars, Asia will generate 12.5 billion dollars, Latin America will generate 9.1 billion dollars, and Africa will generate 2.6 billion dollars by 2024.
New Cannabis Products and Statistics
Today you can find many new cannabis technologies and products to hit the dispensaries like a storm. In California, the market saw more than 7,000 new products in 2020 compared to 2019.
Each day you can find 19 cannabis products in dispensaries, a statistic you would have never thought of in later years.
At our K.I.N.D website, you can find new and exciting THC products every month, and for your convenience, you can check out our thc store locator.
The cannabis industry can see a massive spike in product popularity as flowers come in first and vape pens come in second. Then edibles, pre-rolls, concentrates, tinctures, topicals, beverages, and capsules come later.
As you can see, the flower continues its domination as a traditional way to consume cannabis. Other popular products are vapes and edibles, and CBD products like oils come in after that. Women tend to purchase more CBD products, making up 60% of CBD sales.
As the years go by, many more products will appear on the market as consumer preferences continue to evolve.
Other signs of the THC market growth are the increasing stock indexes, the equity capital raise, and more. It’s expected for North America and Europe to make the most significant portion of the market at 37.9 billion dollars and 39.1 billion dollars.
We are excited to see where the future will take the THC market and how the growth will inspire the world to give cannabis a go.
If you want to be part of the worldwide cannabis market growth, you can find your favorite TCH and CBD products at our K.I.N.D website. To find them, you can check out the thc store locator to see where you can find them at your nearest location.
What is the THC market?
The THC market includes the sale numbers of all cannabis-derived products like vapes, edibles, flowers, oils, and more.
Is THC a growing market?
The THC market has been evergrowing since the COVID pandemic back in 2020 as more people are looking at its recreational effects.
How much is the THC market worth?
The THC market has estimated growth of 13.2 billion dollars in 2021, and it’s expected to grow by up to 16.7 billion dollars in 2022.