Arcview Market Research and its research partner BDS Analytics, reported an increase in spending on legal cannabis to hit $57 billion by 2027. The recreational market will cover 67% of the spending; medical marijuana will take up the remaining 33%.
North America buyers will lead the exponential growth, going from $9.2 billion in 2017 to $47.3 billion in 2027. The largest growth spread, however, is predicted within the rest-of-world markets, from $52 million spent in 2017 to a projected $2.5 billion in 2027.
• Germany is poised to be the leader of the European cannabis market, and Italy is expected to be second with $1.2 billion in sales by 2027. Overall, however, the European cannabis market is not expected to grow as stridently as its potential suggests.
• Australia’s legal cannabis market is forecast to grow from $52 million in 2018 to $1.2 billion in 2027, the 5th largest in the world.
The United Nations’ 1961 Single Convention on Narcotic Drugs still hinders the word wide growth of the cannabis industry. The Arcview and BDS report believes the U.N. legislation won’t change until the U.S. federal laws legalize marijuana — something Arcview’s CEO, Troy Dayton, believes will happen in the next 2020 president’s term.
The main differences between the U.S. and European cannabis markets is that in the U.S., recreational use will dominate sales. In Europe, the European government-subsidized health care systems have a budget of $1.3 trillion in health care spending, thus allowing them to bring medical cannabis market. It will dominate Europe and become the largest medical marijuana market in the world.
• Canada is among the few countries where investors have already shown confidence in the future legality of the cannabis industry; they are betting with billions of dollars pouring into public equity investments.
• South America has some of the most liberal medical cannabis programs. Led by Brazil, Argentina, Peru and Uruguay (the only country in the world in which adult recreational use is legal for all its citizens), the South American medical cannabis market may grow from $125 million in 2018 to $776 million in 2027.
Germany’s adoption in 2017 has widened the perspective of the cannabis adoption world wide. More recently there has been a huge outcry of support for Canada’s recent announcement to begin legalizing marijuana edibles. The future of the cannabis market is full of growth and prosperity, there are 22 countries or territories that have accepted cannabis is some way and more will follow in the near future.
• The initial decision by many U.S. states and Canada to create medical-only cannabis regulations prompted many other countries to act similarly. But California’s and Canada’s willingness to legalize adult recreational use triggered a second wave of laws internationally to increase access to medical cannabis.
• Israel has a small population and a long history of legal medical marijuana use. It continues as a leader with years in the development of cannabis pharmaceuticals.
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