Almost 50 billion dollars. According to analyzes by Prohibition Partners, published in Global Cannabis Report As of late 2023, annual recreational cannabis sales could double by 2027.
The global cannabis market is being pushed by an ever-increasing number of countries focusing on legalization, also as a harm reduction strategy. In particular, United States and Europe. Let's look at them specifically.
Cannabis in Europe: an unstoppable green wave
Leading the regulation of adult-use cannabis in Europe are: Malta, which at the end of 2021 passed a law which allows the possession, consumption and self-production of up to 4 plants for personal use.
Followed by Switzerland, where experimental legalization projects have already started in several cities. Including: Lausanne, Geneva, Basel and Zurich.
In Holland instead, always known for the very famous coffee shops that cover the country, the first controlled cannabis production project has started, the aim of which is to guarantee the quality of the products offered to the public.
Closing the circle is the Germany: the first large European country to legalize recreational cannabis. In fact, since last April 1st, the German streets have been filled with consumers, finally free to consume their inflorescences without being criminalized anymore.
Canada and the United States: billions of dollars from cannabis
After legalizing cannabis in 2017, Canada now has approximately 3,600 retail stores across the country. Overall sales, however, 93% of which derive from recreational cannabis and only the remaining 7% from medical cannabis, are close to 6 billion Canadian dollars.
Although in the United States cannabis remains illegal at the federal level, 38 states have legalized the medical use of cannabis and 24 also allow recreational use.
Legal cannabis sales in the Star-striped country are equal to approximately 26 billion dollars in 2022: 17 billion from recreational cannabis and almost 9 billion from medical cannabis. A trend that shows no signs of stopping, in fact, by 2027, total sales will reach 33 billion dollars.
Cannabis markets in the rest of the world
Latin America
From Brazil, which boasts the market bigger of the southern hemisphere, to Argentina, whose green industry is estimated to be worth 500 million dollars and create up to 10 thousand new jobs.
With approximately 8.4 million dollars in total exports in 2022, the cannabis market in Colombia is a candidate to become the economic engine of the country.
We end with Uruguay, where sales of recreational cannabis began in 2017. And after almost 7 years of free sale, official estimates confirmed both the decrease in the black market and the distribution of 10.7 tons of cannabis to around 60 thousand consumers.
Oceania
After North America and Europe, the green sector in Oceania is confirmed as the third world market for medical cannabis. However, recreational cannabis still remains illegal.
Africa
South Africa, Uganda and Morocco, these are the only states on the African continent that have taken their first steps in the cannabis market.
Notably, in 2018 the Constitutional Court of South Africa has decriminalized consumption of cannabis, but cultivation and sale are permitted only for medical purposes.
However, starting from 2020, Uganda has allowed the cultivation and processing of cannabis for export, mainly towards Israel and Germany.
Morocco finally legalized the medical cannabis in 2021. Since then, more than 450 farmers and around 80 organizations have obtained licenses for cultivation, processing, extraction and export.
Asia
Thailand was the first country, and so far the only one, to break the barrier of prohibition on the Asian continent, legalizing cannabis for therapeutic purposes. Furthermore, the CBD market is also growing steadily, with a CAGR of 5.5% until 2027.
We conclude with China, which produces almost 50% of global hemp production, confirms himself as the world's leading hemp grower.
* Photo by Andrew Stutesman on Unsplash
