Latest market research has revealed how big companies are in a race to grab a slice of the rapidly growing $150 billion global cannabis marijuana market.

They are offering a wide range of diverse products ranging from CBD beer to dog food to capitalize on the growth.

Standard & Poor's (S&P) study predicts more growth ahead from the legalization of cannabis’ in many countries.

The report says growth in legal cannabis will outpace many consumer goods sectors including soft drinks, packaged food, alcohol, and tobacco in the months to come.

It pinpoints specific business segments where hyper-growth is possible.

“The makers of alcoholic and non-alcoholic beverages, health and beauty care products and cigarettes are among companies considering selling cannabis products,” the report said.

Cannabis family of plants contains plants like hemp and marijuana. They contain diverse compounds including tetrahydrocannabinol (THC) and CBD.

The former is responsible for causing euphoria that impacts the mind and mood.

Unlike THC, Cannabidiol (CBD) does not have any intoxicating effect and scientists are studying the medical properties credited to it in terms of treatment for anxiety and pain.

 Segments where marijuana products hold more scope

Companies that sensed higher growth in the marijuana market is making smart moves. The bigger investments in the marijuana sector by Altria and Constellation Brands are best examples.

Both invested more than $1billion in such products. The companies own Philip Morris cigarettes and Corona beer respectively.

The S&P report cites Euromonitor data to show that 90 percent of the $150bn market is illicit and legal cannabis market will grow into $166 billion sizes by 2025.

The strategy of consumer product companies involves launching own branded products or joint ventures with smaller partners who have deeper expertise in cannabis.

The high growth markets for cannabis on the horizon are Canada, the US, Western Europe and many parts of South America.

Regulatory bodies like the FDA are also in consultations with stakeholders on extending applications to more consumer products.

Cannabis products as the new sunrise sector

The S&P report anticipates companies betting a higher focus on products from the cannabis family. GettyImages-Marijuana store People gather outside during a ribbon cutting ceremony by the owners at the new Fire and Flowerpot store on April 1, 2019, in Ottawa, Ontario. It was the first bricks and mortar retail cannabis stores opened in Ontario. Photo: MICHEL COMTE/AFP/Getty Images

In the cigarette sector, Altria invested $1.8bn in Canadian cannabis company Cronos Group. This is a bid to offset the falling sales of traditional cigarettes in the U.S where e-cigarettes are capturing more consumer space.

The falling demand in the beer and spirits market has prodded Constellation Brands to pick a stake in Canopy, a Canadian cannabis producer to harvest any lost business from plummeting sales of beer and spirits.

The report highlights the downturn in alcohol beverages market where younger drinkers are shunning alcohol and shifting to coffee shops and recreational cannabis.