The future of the cannabis market depends on national and international co-operations. While each country has its own set of laws that restrict cannabis legalization, more and more countries are embracing it. This billion dollar business is continuously growing and is predicted to make $73.6 billion by 2027 with 18.1% per year. Factors play a significant role in how the international cannabis market is unfolding: promising investments, climate, cultivation possibilities, political structures, levels of development frameworks, dependency on export/import, attitudes and perceptions .
According to the United Nations Office on Drugs and Crime (UNODC), 3.9% of the adult population between the ages 15 and 64 used cannabis in 2018. In 2016, the majority of cannabis users were located in Europe, while the U.S. and the Oceania region had less cannabis use among students but still have a relevant high percentage among the general population.
Europe
The cannabis market in Europe is very predominant. The population consists of 44 countries with a population rate of 740 million. Prohibition Partners, an online newsletter that regularly publishes various research data on key global markets, has stated Europe will develop the largest cannabis market in the world. So far, the numbers in member states legalizing medical cannabis have doubled every two years. The general attitude towards legalizing medical cannabis use is liberal making it easier to pave the way for recreational cannabis legalization.
Europe is strict on making sure they process the cannabis product by following the European Good Manufacturing Procedure (GMP) certification standards and are regulated by The European Medicines Agency (EMA).They have managed to successfully integrate cannabis into their societies and through their state’s healthcare system by covering medical cannabis medications and prescriptions. The healthcare system in Europe relies on a €2.3 trillion healthcare market that attracts Big Pharma and other big businesses. The medical cannabis market in Europe is expected to reach €55 billion by 2028.
The recreational cannabis market is considered to reach a worth of €60 billion by 2028. Germany, Malta, Greece and Italy eagerly negotiating ways to fully legalize cannabis. A €115 billion worth by 2028 would stimulate promising international business interactions.
The United States
All 50 states are divided when it comes to cannabis laws. They are either pro medical cannabis only or pro medical & recreational cannabis. Yet, they all face the regulatory hurdle of lacking a health care system that is stable enough to cover any costs related to cannabis treatments for medical patients. If the U.S. changes laws and legalizes cannabis on the federal level this will have an impact on Europe’s cannabis market. In addition, their way of following through with fully implementing their cannabis legalization.
Final Note
With the current developments in cannabis there is a future increase of job opportunities, tax revenue and other national and global economic benefits. Legalizing medical and recreational cannabis could help countries recover from economic recessions, affected or not affected by the COVID-19 pandemic. Helping focus on a brighter, “greener” future full of hope and opportunities by engaging in more international co-operations and business partnerships.
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Check out some other relevant articles for more industry news:
Cannabis in Jamaica: A Paradise with Restrictions
Cannabis Around the World, Part I: Before the Common Era
Cannabis Around the World, Part II: The Common Era
