A new report was just released by the ArcView Market Research and BDS stating the cannabis market could triple its size in the next four years.
The report also says that by the year 2020, the global cannabis market could be worth close to $32 billion. With these numbers, it is expected that the US cannabis industry will account for $23.3 billion of that 32.
Much of the current growth in the US cannabis industry is coming from the California market, which is expected to make near $5.1 billion in 2019. In January of this year, recreational cannabis was made legal in the state of California. Currently, 30 states within the U.S. have legal medicinal cannabis use.
Big Business Cashes In
California’s market represents a third of the entire North American cannabis market. BDS analytics estimates that by the end of 2018, the California market could hit $3.7 billion. Given the growth in the market, it’s no surprise that California businesses are growing too.
New Cannabis Ventures announced that MadMen Enterprises has just broken ground on it its high-tech cannabis factory in California. The large-scale marijuana manufacturing and cultivation facility is set to open in early 2019.
CannaRoyalty Corporation is a Canadian company that is increasing its share of the California market for example. High Hampton Holdings Corporation (OTC:HHPHF) (CSE:HC) is beginning to gain some speed in the California market through developing properties and acquisition. High Hampton Holdings smaller company they acquired CoachellaGro Corp. is planning on building a 10.8-acre property that is set to be the world’s first cannabis industrial park. Yes, that’s right a theme park.
David E. Argudo, CEO of High Hampton, said:
“With a conditional use permit for CoachellaGro in hand, we have created instant added value for this asset which will remain the cornerstone of our business model and be complemented by the aggressive acquisition process we have begun this spring as we consolidate the California cannabis market.”
Since California holds a third of the North American cannabis market, this theme park is expected to bring in a large profit - which is great news for High Hampton Holdings and its sshareholders
Featured Image: AgFunder News
