With the marijuana legalization wave hitting its stride across the globe, analysts reveal optimistic growth forecasts for the industry in the whole world. These are the 10-year growth expectations for the industry across the globe.
(FinancialPress) — Spending in legal marijuana is expected to reach an annual $57 billion by 2027. Growth in Europe and America will lead the way, as per a report released by Arcview Market Research and BDS Analytics.
The thick of the spending will continue to occur in North America. Its rise is expected to go from the $9.2 billion logged in 2017 all the way up to $47.3 billion in 2027.
“Outside the United States and Canada, it will be almost wholly a medical-only business until the United Nations revamps the 1961 Single Convention on Narcotic Drugs, which will likely only come after the United States’ Federal Government ends prohibition, which we don’t expect until 2021,” said Troy Dayton, CEO of The Arcview Group.
Despite that fact, the report highlights the potential for Europe to become the largest market for medical pot in the world.
Among European nations, Germany is the market leader. The government has included MMJ in its national health care plan. Italy would take the second spot among the highest-ranked MJ industries in the Old Continent.
The spending breakdown for the 2027 forecast shows that recreational marijuana will be responsible for $38.3 billion of the total. Medical marijuana sales will reach $19.1 billion.
Rounding out the marijuana globe
Medical cannabis spending in South America within the same timeframe is expected to rise from $125 million to $776 million.
Australia‘s legal cannabis spending growth will go from 2017‘s $52 million to $1.2 billion by 2027.
Meanwhile, Israel is expected to become the leader in development of medical and pharmaceutical applications for the plant.