The cannabis industry just celebrated its second-largest holiday of the year – Green Wednesday, the industry’s very own “Black Friday.” According to software company Akerna’s figures, the sale of legal cannabis products during the four-day holiday (November 24-27) is likely to have topped $251 million. The forecast also estimated that sales would equate to a 78% spike from normal daily sales on Green Wednesday, resulting in $90 million worth of legal products being sold (https://cnw.fm/waqEm). The Green Wednesday sales increase reflects a growing trend of the industry as a whole. The global cannabis market was valued at $22.10 billion in 2020 and is expected to grow at a CAGR of 13.9% during the 2021 to 2026 forecast period. Much like other industries around the world, the marijuana market was significantly impacted by the COVID-19 pandemic. The limitations placed on brick-and-mortar establishments presented many setbacks and forced store owners to seek other methods to sell products, like on social media platforms and e-commerce sites (https://cnw.fm/aGyef). In the interest of global expansion, Marijuana Company of America (OTC: MCOA) has taken steps to extend the company’s reach into new regions, including Latin America, and to leverage current strategic partnerships with several companies and its wholly-owned subsidiaries to facilitate growth in an industry that continues to expand despite recent setbacks.
CannabisNewsWire, 12/02/2021 09:00:00