The cannabis market is continuing to expand rapidly, and this growth isn’t just contained in North America. More countries are permitting adult use of marijuana, allowing for a worldwide boom in sales and revenue with amazing potential economic benefits.
A new Global Cannabis Report published by Prohibition Partners found that the cannabis market worldwide could nearly double over the next three or four years, generating an impressive $50 billion in revenue each year. Current sales hover around $25 billion, even as the United States market has been exploding in the last decade.
Canada and the United States have been at the forefront of the recreational cannabis industry for several years, with their markets reaching around $4 billion and $26 billion in sales in 2022, respectively. The United States government is currently contemplating the rescheduling of cannabis for federal legalization, potentially triggering another massive surge in sales nationwide.
Europe, Latin America, and Africa are taking note of this new income stream. Malta was the first European country to legalize recreational marijuana, but Switzerland, Germany, and the Netherlands are currently working on their plans to introduce cannabis to citizens.
Latin American and African countries do not permit cannabis use, but many of them are increasingly becoming suppliers to other countries that distribute marijuana products. As those markets expand, they may eventually become more inclined to allow cannabis use within their own countries. Thailand remains a leader in Asia, with cannabis growth and consumption legalized in 2022 with little federal oversight.
The number of people who consume cannabis increases each year, and around half of Americans admit to trying it at least once. It’s the most commonly used substance around the world besides alcohol, with cocaine, opioids, and other drugs coming in far behind.
The tax revenue from the cannabis market is already leading to improvements around the United States. Schools, roads, libraries, and other public services have directly benefited from the income generated by marijuana sales, even during the slower years of sales. In Arkansas, cannabis sales are providing school lunches for children. Marijuana markets also create thousands of jobs, whether they be in selling, distribution, growing, or regulating.
All of this combined has led to a positive outlook by the Prohibition Partners. While only time will reveal the future numbers of the global cannabis market, it is sure to keep expanding in innovative new ways over the next few years. The true potential of this market could very well be limitless.
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