North America is expected to become the single largest legal cannabis market in the world, growing to approximately $47.3 billion by 2027, according to a news release from Mugglehead Media Corp., a digital publisher dedicated to cannabis news and information.
The news release cites a report by Forbes magazine.
To serve this billion-dollar market, a number of North American marijuana companies are building out innovative, premium cannabis retail brands across the continent, the news release states, adding that “some of the fastest growing North American cannabis retailers (are) preparing to dominate the Canadian and U.S. legal marijuana markets.”
Both the Canadian and U.S. markets show significant room for cannabis retail growth, according to Mugglehead.
“However, regulatory hurdles and supply shortages in Canada—combined with the fact that marijuana is still federally illegal in the United States—has stifled retail expansion,” the news release states. “As supply issues and regulatory gridlocks subside, expect today’s fastest growing cannabis retailers to become tomorrow’s cannabis retail leaders.”