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Cannabis Industry Flying High After Election Day

Despite bitter divisions, Americans are united around pot.

Regardless of which presidential candidate comes out on top, the big winner on Election Day was cannabis.

Legalizing cannabis prevailed in all five states where it was on the ballot.

Of the five states that voted on cannabis, four approved legal recreational marijuana for adults age 21 and older. Mississippi approved medical use, while South Dakota approved both recreational and medical use at one time.

For advisors looking for more information to potentially help clients capitalize on this trend, recently released its "US Cannabidiol (CBD) Market (by Types, Distribution Channels & Products): Insights & Forecast with Potential Impact of COVID-19 (2020-2024)." 

According to the report, The U.S. cannabidiol market is estimated to reach $13.39 billion in 2024, growing at a CAGR of 42.36% for the period spanning 2020-2024.

The growth of the market has been driven by a growing incidence of Alzheimer's disease, upsurge in health care expenditure, rising depression rate, increasing geriatric population, mounting online retail sales and expanding urbanization. However, growth of the market would be challenged by the high cost of CBD products and side effects associated with them.

Some of the noteworthy trends of the market include increasing prevalence of arthritis, rising adoption among millennials, the surging occurrence of chronic disorders and upswing in sports injuries.

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