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$340 Billion: The Global Cannabis Market
Many projections have been done concerning the global cannabis market for the next decade. Here are some interesting numbers to take into consideration.
More than 50 countries around the world have legalized some form of medical cannabis, while six countries have legalized cannabis for recreational use by adults.
Despite extensive global prohibition, over 263 million people around the world consume cannabis every year.
The global total cannabis market (regulated and illicit) is estimated to be $344 billion USD. The top five regional markets are:
- Asia ($132.9 billion)
- North America ($85.6 billion)
- Europe ($68.5 billion)
- Africa ($37.3 billion)
- Latin America ($9.8 billion).
There are an estimated 1.2 billion people worldwide suffering from medical conditions for which cannabis has shown to be of therapeutic value. Adoption of medical cannabis treatment, by even a small proportion of that population, will create a massive market.
Regions such as Latin America, Africa, are poised to potentially compete in the export market with low production costs and optimal climate for outdoor growing that would allow two to three harvests a year rather than just one. Asia, while the slowest region to adopt legalization, also represents a wealth of opportunity in the forms of low-cost labor and a long history of hemp production.