According to a new report by Reports and Data, New York City, New York, the global cannabis packaging market is expected to reach $5.2 billion by 2026.
A significant trend arising is the push for cannabis products to be packaged in materials that are recyclable, biodegradable and compostable. As more states legalize medical marijuana, the cannabis industry across the globe has grown more than 310% in the past four years. As per the Association for Packaging and Processing Technologies, marijuana has been legalized at some level in 28+ states and is pending further legalization in 13+ others.
This exponential growth, along with an attribute of self-funded small organizations, has helped legitimize its use in the eyes of many. By 2020, it is anticipated the industry is expected to reach $24.5 billion in the US, with $11.2 billion alone for recreational products.
For more information, visit www.reportsanddata.com.
