Reportedly, the consultant Prohibition Partners projects the volume of the lawful cannabis market to be $103.9 Billion by the end of 2024. In its report released this month, the company estimates the size of the lawful medical cannabis market to reach $62.6 Billion by 2024. Prohibition Partners anticipated that the authorized recreational cannabis market will reach $41.3 Billion by 2024. Nevertheless, the official cannabis market persists to tackle market revenue and share erosion from illegitimate players. The sales in the black market have also impacted the reliability of this still-nascent industry. In the report, New Frontier Data projects the present size of the prospective cannabis market will be $344 Billion. This projection included both illegal and legal cannabis markets.
As reported in Marijuana Business Daily, according to market examiner TheCannalysts, regulated cannabis sales summed up for just 14% of the demand by quantity in Canada throughout June 2019. There is a strong demand for illegal products mainly owing to lower prices and easy accessibility. The recreational cannabis substantiation in Canada is also driving medical marijuana users to the illegal market. The CPhA (Canadian Pharmacists Association) and CFAMM (Canadians for Fair Access to Medical Marijuana the Arthritis Society) analyzed the saturation of the illicit market in the medical cannabis section in a July 2019 poll. Therefore, high prices and access issues have outcome in surged demand for illegal products from medical cannabis users.
On a related note, lately, new data suggested that additive in illicit cannabis vapes is responsible for the outbreak of lung injuries. The data available strongly suggest that additives, predominantly the coagulating agent vitamin E acetate is mixed with THC (tetrahydrocannabinol) oil in banned market vape cartridges have a major role in the widespread of lung injuries—which is a hypothesis backed by latest data out of California and Utah. The research by scientists and public health experts at the Utah Department of Public Health studied 83 cases wherein patients encountered lung injuries following using vape products, counting nicotine e-cigarettes plus cartridges with cannabis oil.