The cannabis market is expected to grow at an explosive rate and double to $50 billion in sales by 2027.
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According to a recent analysis from Prohibition Partners, the legal marijuana industry is predicted to nearly quadruple to $50 billion by 2027, marking an unprecedented expansion in the worldwide marijuana business.
The Global Cannabis Report attributes this spike to two main factors: the U.S. cannabis reform movement’s ongoing momentum and the emergence of new recreational cannabis markets in Europe, which are generating new prospects for the business.
Still the Powerhouse is North America
- The established markets of Canada and the United States are growing strongly state by state, which keeps the area leading.
- Federal prohibition continues to hinder the U.S. economy, which saw $26 billion in legal cannabis sales in 2022 and is expected to reach $33 billion by 2027.
- With 3,000 retail cannabis stores, recreational cannabis consumption accounts for 93% of Canada’s total cannabis sales.
Europe Comes Into The Party
- Malta is the first European nation to have legalized marijuana for recreational use, however there aren’t many commercial sales.
- Pilot initiatives and research-based legalization strategies are being pursued by Switzerland and the Netherlands.
- The European market may be greatly impacted by Germany’s impending legalization framework, which may go into force as early as 2024.
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Outside Europe And North America
- With expanding, although cautious, medicinal marijuana production and access, Latin America and Africa are emerging as prospective supply sources.
- Cannabis imports and exports are most popular in Oceania.
- With Thailand and Japan as early movers, Asia is still mainly unexplored.
Industry Insiders Upbeat
Prohibition Partners’ senior analyst Alex Khourdaji, a co-author of the paper, emphasizes the advancements in 2023.
“The worldwide cannabis business has seen a hard yet progressing year in 2023. In Europe, we witnessed the first-ever controlled supply chain sales of recreational cannabis in the Netherlands and Switzerland’s pilot projects, as well as advancements with Germany’s adult-use framework, Khourdaji stated in an email to High Times. “The number of medical cannabis patients has been rising globally as well.”
