Business Description
The global legal ***** market was valued at $14.3 bn in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 and 2024, culminating in 2024 global sales of $63.5bn.
The legal ***** market is witnessing robust growth owing to the increasing legalization and decriminalization of ***** across North America and Europe. The rising demand of ***** for recreational use and medical use is a key factor driving the growth. Due to the complex regulatory structure at state level and federal level, the full potential of the market is not yet realized.
In the U.S., 44 states have different ***** laws however, ***** is illegal as per federal law. The U.S. federal law regulates ***** as per the Controlled Substances Act (CSA), and this act does not differentiate between recreational and medical *****. The CSA classifies ***** as a Schedule I drug which under federal views is highly addictive with no medical value.
However, as per the 2016 funding bill for Commerce-Justice-Science (CJS) budgets, the U.S. federal government is prohibited to use the justice department funds in preventing the states implementing their medical ***** laws.
