Decades ago cannabis was illegal in essentially every country, now, Canada and Uruguay are the leading countries who have moved to legalize cannabis entirely. A handful of other countries such as Australia, Columbia, Germany, and the U.S. are also major cannabis marketplaces, even though they have not legalized cannabis entirely yet.
CVS Health, a major international pharmaceutical chain, recently entered into the cannabis industry by offering hemp derived CBD-based products in its stores. Due to regulatory conflict, CVS announced that it will only sell the products in specific U.S. states such as Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maryland and Tennessee across 800 stores. CVS also said that the chain is carrying CBD products now to help these select states meet consumer demand for alternative care options. CVS’ initiative to add a cannabis derivative on its shelves is yet another major milestone for the industry, adding credibility to the benefits of cannabis by highlighting that its hemp derivative offers consumers therapeutic effects. As more sectors continue to enter into the cannabis marketplace, the industry will develop into a global, disruptive scene. According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is expected to reach USD 65 Billion by 2023. Furthermore, the market is projected to register a robust CAGR of 37% throughout the forecast period.