Cannabis Markets are Expanding as Countries Eye Positive Tax Revenues – PRNewswire

NEW YORK, Feb. 12, 2019 /PRNewswire/ — After many years of effort and research, cannabis is now widely considered a source of tax revenue for many U.S. states. The majority of these states have already passed a bill to legalize medical cannabis, but only ten states and the District of Columbia have legalized recreational use. States like California, Nevada, Washington, and Colorado are among the few that have adopted recreational cannabis laws and are delivering or are expected to see, upwards of a billion dollars in sales annually. According to the California Department of Tax and Fee Administration, California delivered a total of USD 93.1 Million in taxes off cannabis in the third quarter of 2018. The state is one of the leading marketplaces in the global cannabis industry, however, its economic benefit signifies the monetary value cannabis can deliver. 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. Additionally, the market is expected to witness a robust CAGR of 37% throughout the forecast period. The growth of the market is heavily attributable to the development and expansion ongoing in both North America and Europe. In particular, these regions are seeing strong support for the legalization of cannabis for both recreational and medical applications. Biome Grow Inc. (OTC:  BIOIF) (CSE: BIO), General Cannabis Corp. (OTC: CANN), InMed Pharmaceuticals Inc. (OTC: IMLFF) (TSX:IN), Harvest One Cannabis Inc. (OTC: HRVOF) (TSX-V:HVT), Mentor Capital, Inc. (OTC: MNTR)

The North American segment alone accounted for approximately 90% of the global cannabis market value in 2017. And, the region is expected to continue to dominate the industry moving forward primarily due to Canada and the U.S as the U.S. is the world’s single largest market, even

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