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2016 saw the legalization of medical marijuana in 28 states and Washington D.C. Around the world there has been a growing speculation and interest in miraculous health benefits of this green herb products like CBD oil, strains, medical cannabis seeds. Several countries and states are on the path of accepting its therapeutic properties which has added to the thriving demand over time.
It is predicted by a report released by Grand View Research that the global medical marijuana market will reach a value of USD 55.8 billion by 2025.
After 2018, it is expected that there will be a rise in the licenses issued by companies and individual in the marijuana industry. Various regulatory bodies define the rising demand for medical cannabis in the market today. These bodies like Medical Marijuana Regulation and Safety Act require that every company or even individual who are directly or indirectly related to the drug, via cannabis product manufacturers, being retail operators, nearby dispensaries, marketers and growers, obtain annual state licenses from 2018 forward.
It is expected that the progress rate of legal cannabis industry globally will increase, as reported by BDS Analytics and Arcview Market Research. Expenditure on legal cannabis is believed to reach $57 billion by 2027. While medical marijuana will account to 33% of the expenditure, recreational usage will be 67%.
A long history of legal medical marijuana use in Israel makes it a strong leader, having witnessed years of development in the area of cannabis pharmaceuticals.
Several US states and Canada took the initial decision to only go through with medical cannabis regulations which has pushed several other countries to work in similar direction. Moreover, Canada’s and California’s agreement to legalize recreational cannabis has also triggered another push to internationally allow the access to medical marijuana.
North America will view the most number of cannabis buyers, increasing from $9.2 billion in 2017 to $47.3 billion a decade post. The market in the remaining parts of the world will witness the largest growth spread, from an expenditure of $52 million (2017) to $2.5 billion (2027).
Uruguay is the only South American country in the world where adult recreational marijuana is legal for its citizens. Peru, Brazil and Argentina make South America with one of the most liberal medical marijuana systems. There is a prediction of a growth from $125 million (2008) to $776 million (2027) in the medical marijuana market in South America.
The 1961 Single Convention on Narcotic Drugs and the United Nations continue to hamper the recreational cannabis market. The BDS report and Arcview are of the opinion that the UN attitude will not budge unless the U.S. federal laws legalize cannabis. This, however, is predicted to occur only post 2020 presidential election, according the Troy Dayton, CEO of Arcview.
European government- subsidized health care systems with a whopping budget of 1.3 trillion in health care expenditures, will soon welcome the cannabis market to Europe and make it the biggest global medical marijuana market. For instance, 2017 saw Germany opening its market to pharmaceutical medical use. Italy will be the second biggest with $1.2 billion in terms of sale by 2027.
The legal cannabis market in Australia is assumed to increase from $52 million (2018( to $1.2 billion (2027)- making it 5th largest globally.
A few other countries including Canada have witnessed an increased interest by investors in the future legality of marijuana. An inflow of billions of dollars into public equity investments is expected to follow.
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