A new study that has been released by Arcview Market Research and BDS Analytics revealed that global spending on legal cannabis could be as high as $57 billion by the year 2027.
Much of this mass disbursement of cash will come through the recreational market, about 67 percent in fact, with the remainder being sourced from medicinal.
Not surprisingly, the largest concentration of legal cannabis buyers will be in North America, with Canada set to legalize recreational cannabis in the near future. Further, a growing number of U.S. states are jumping on the cannabis bandwagon despite the American federal government being opposed to the idea.
In 2017, North American cannabis spending was at $9.2 billion and is expected to grow to $47.3 billion within 10 years.
As for the world markets outside of North America, they are prognosticated to see the largest amount of growth over the next decade. In 2017, spending on legal cannabis outside of North America was $52 million based on the research, and that number could reach $2.5 billion by 2027.
Some of the other interesting takeaways from the 65-page report, include the fact that South America has some of the most liberal medicinal cannabis programs in existence, which means their market could grow from $125 million in 2018 to $776 million in 2027.
In Europe, Germany is expected to dominate the cannabis market with Italy coming in second place. Australia is also supposed to see an incredible jump from $52 million in 2018 to $1.2 billion in the next 10 years.
This recent report comes on the heels of another evaluation which showed the European Cannabis market could eventually be worth $42.8 billion annually. If that wasn’t enough, a third prediction has also come out of the United States from Ameri Research, which has an even healthier outlook than the Arcview findings, stating they believe the world cannabis market could be worth $63.5 billion as early as 2024.