Cheyenne Journal

The Legal Cannabis Market is Worth an Estimated $7.2 Billion

The Legal Cannabis Market is Worth an Estimated $7.2 Billion

Greengro Technologies
It’s Projected to Grow at a Compounded Annual Rate of 17%

A new report from a business intelligence firm, New Frontier Data, projects the creation of more than a quarter of a million jobs related to cannabis growing and sales for American workers across the U.S. by 2020. According to the report, the legal cannabis market was worth an estimated $7.2 billion in 2016 and is projected to grow at a compound annual rate of 17%. Medical cannabis sales alone are projected to grow from $4.7 billion in 2016 to $13.3 billion in 2020. Adult recreational sales are estimated to jump from $2.6 billion in 2016 to $11.2 billion by 2020.

According to Giadha Aguirre De Carcer, Founder and CEO of New Frontier Date,”These numbers confirm that cannabis is a major economic driver and job-creation engine for the U.S. economy,” Aguirre De Carcer said, “While we see a potential drop in total number of U.S. jobs created in 2017, as reported by Kiplinger, as well as an overall expected drop in GDP growth, the cannabis industry continues to be a positive contributing factor to growth at a time of potential decline. We expect the cannabis industry’s growth to be slowed down to some degree in the next three to five years, however with projected total market sales to exceed $24 billion by 2025, and the possibility of almost 300,000 jobs by 2020, it remains a positive economic force in the U.S.

Greengro Technologies (OTC: GRNH) is a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, small-l and large-scale commercial clients. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors.

Greengro’s Glass Greenhouse Franchise Model is designed for businesses in the CEA field, specifically commercial hydroponic vertical farms that use precision control systems to protect crops from environmental elements and enable year-round production of high quality, locally grown produce.

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