Report Predicts Large Market for Cannabis-Infused Products
Food Navigator reports that a market research company has predicted a “coming flood of mainstream investment in cannabis in general and the edibles sector in particular.” The firm suggests that legalization of cannabis products across the United States could create a market between $40 billion and $70 billion. Growth in the edibles category outpaced growth in other cannabis categories, the report authors note, with sales especially focused on the candy and chocolate categories, which account for about 60 percent of edibles sales.
On November 6, 2018, Michigan voters passed a ballot measure to allow recreational marijuana in the state, making it the tenth state to legalize cannabis products; a similar measure in North Dakota failed to pass. Missouri and Utah voters also approved a ballot initiative to allow marijuana for medical purposes, which is now legal in 33 states.