There are more and more countries who are legalizing the use of cannabis for medical purposes and recreational one. This means that the demand for cannabis will now be growing since it’s now being legalized by many. In fact, according to the ArcView Market Research, in 2027, the spending on cannabis can hit for up to USD 57.
In this article written by Thomas Pellechia, he talks about a growing demand of cannabis around the world, and more specifically in North America:
The largest group of cannabis buyers will be in North America, going from $9.2 billion in 2017 to $47.3 billion a decade later. The largest growth spread, however, is predicted within the rest-of-world markets, from $52 million spent in 2017 to a projected $2.5 billion in 2027.
The worldwide adult recreational cannabis market remains hampered by the United Nations and its 1961 Single Convention on Narcotic Drugs. The Arcview and BDS report believes nothing will be done to change the U.N. attitude until U.S. federal laws legalize marijuana — something Arcview’s CEO, Troy Dayton, believes will happen after the 2020 presidential election.
Still, the main difference between the U.S. and European cannabis markets is that in the U.S., recreational use will dominate sales. With a budget of $1.3 trillion in health care spending, European government-subsidized health care systems will bring the medical cannabis market to dominate Europe and become the largest medical marijuana market in the world. Read full post here…
Legalization of cannabis all over the world can be seen as a benefit and a disadvantage depending on how people will utilize it.