When people discuss emerging markets, they are often talking about new, untapped potential overseas. But here in America, there is an emerging market that gas distributors are only beginning to tap: legalized cannabis.
There is a new opportunity for industrial gas distributors to grow their business by serving cannabis grow houses and extraction facilities. These facilities use industrial and specialized gases for a numerous amount of applications. And with demand often outpacing supply, considering the high barrier to entry with rigorous screening and licensing processes, those companies who are in the legal cannabis industry are doing an incredible amount of business and growing at a rapid pace.
According to Grandview Research, the legal cannabis market will be worth $66.3bn by the year 2025, with annual sales of $30bn. Additionally, Forbes stated that annual sales in North America will skyrocket from $9.2bn in 2017 to $47.3bn in 2027.
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