Revenues Ascending as Cannabis Use & Demand Continues Strong Growth

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., May 16, 2023 /PRNewswire/ -- The uses of cannabis in various markets has continued to grow in recent years. A report from Grand View Research said that, in the United States, cannabis is often used in the cosmetic, pharmaceutical, and food & beverage industries. The increasing legalization of cannabis and rising acceptance of its use for medical purposes are the key factors driving the growth of the market. The increasing research on the use of cannabis and its medicinal properties has led to its increased use to treat various chronic conditions. They are found to be effective in treating chronic pain and nausea caused due to chemotherapy. Furthermore, the constant rise in the legitimization of medical cannabis has resulted in the growth of the market. For instance, the Food and Drug Administration (FDA) has approved the use of cannabis-derived drug products such as Epidiolex, Cesamet, etc. for treating seizures, and chemotherapy-induced side effects respectively. Moreover, in December 2020, the U.S. House of Representatives passed the legislation to remove cannabis from "The controlled Substance Act of 1970". This is anticipated to create enormous opportunities for market growth in the forthcoming years. The report projected that the U.S. cannabis market size was valued at USD 13.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.2% from 2023 to 2030.   Active Companies from around the market with current developments this week include: Leafbuyer Technologies, Inc. (OTCQB: LBUY), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), HEXO Corp. (NASDAQ: HEXO) (TSX: HEXO), SNDL Inc. (NASDAQ: SNDL), Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY).