These 16 countries that have growing cannabis industries and legal markets
The "green rush" of legal cannabis is far more widespread than that of the United States. In fact, the legal markets for marijuana are beginning to emerge quickly around the world. At this point, the global cannabis market is expected to experience massive growth in the coming years. That said, here is 16 country with emerging cannabis industries.
Countries with new legal cannabis markets
At present, experts estimate that the global legal cannabis market is expected to be around 7,7 billion dollars a year. In the immediate future, this number is expected to increase exponentially. According to researchers, the global legal marijuana industry is expected to reach 31,4 billion dollars by 2012. By then, the market should experience a annual growth rate of 60%.
Clearly, legalization is the key factor. As more and more countries around the world legalize cannabis, the global market is growing. Here are the countries with the cannabis industries to watch.
Germany is making a strong bid to become the leading European cannabis country. In 2017, lawmakers took action to allow legal growers of marijuana. The country has also taken important steps to make medical cannabis more accessible. Expect to see the legal medical cannabis market in Germany continue to strengthen in the years to come - and perhaps even expand into the hobby sector.
Italy has a robust medical marijuana industry. Interestingly, the country has given the military responsibility for all cultivation and production of medical marijuana. Earlier this year, reports showed the demand for legal herbs was too high for the military to keep up with. Accordingly, theItaly will start to import cannabis from countries like Canada.
Israel has propelled itself to the forefront of the international legal cannabis market. In particular, he is a leader in studies related to cannabis, particularly for medical research. Today the country has more than 25 licensed medical marijuana patients. Clearly, Israel has earned its place on a list of countries with emerging legal cannabis markets.
There isn't much to say about this one. Canada is one of the most famous cannabis hotbeds in the world. The country has had a strong medical marijuana program for years. And now Canada is on the verge of keeping its promise to legalize recreational cannabis. To date, the government should legalize October 17.
A growing number of states continue to legalize various forms of marijuana. Currently, the legal marijuana market in the United States is a bit confusing. There is great variance from state to state. For example, some states have very accessible medical cannabis programs. But other states limit medical marijuana to certain types of products only. Likewise, some states have fully legalized recreational cannabis, while others continue to enforce prohibition. The United States, one way or another, is already a huge cannabis market and will only get bigger.
Spain is said to be one of the most cannabis-friendly countries. For example, it has one of the highest rates of adult cannabis users in the EU. To the extent that experts predict a recreational marijuana market in Spain in 2019. These same experts believe that the legal cannabis market in Spain could quickly exceed 200 million.
Brazil has been one of the largest countries in South America to take the possibility of a legal marijuana market seriously. In particular, the country has focused on medical cannabis. A study carried out in 2017 revealed that medical cannabis alone could generate more than $ XNUMX billion in the country.
Argentina is at a cannabis crossroads. So far, the country has decriminalized the possession and use of small amounts of marijuana. He also approved the medical use of CBD. And he continues to examine the idea of establishing some form of legal market. In particular, a medical market. While there might not be a ton of infrastructure in place right now, this is definitely a country to keep an eye out for,
Uruguay is a pioneer when it comes to countries with emerging markets for legal cannabis. It was the first country to make recreational cannabis universal for all adults. Last year, the country started selling legal over-the-counter marijuana in pharmacies.
Many experts see Peru as a leading player on the cannabis scene in South America. In fact, Forbes said Peru, along with Brazil, Argentina and Uruguay, would help grow the legal cannabis market in South America from 125 million dollars this year to more than 775 million by 2027.
Experts have predicted significant growth for cannabis in Australia. The country's legal market is currently worth some $ 52 million. By 2027, that figure is expected to reach $ 1,2 billion. This would make Australia one of the top five cannabis markets in the world.
Things could change in Mexico. In 2017, the country legalized medical cannabis, provided the drug contained less than 1% THC. On the leisure front, the Supreme Court made an interesting decision in 2015. In that decision, the judges granted four people the right to grow and consume their own cannabis. If these changes are any indicator of future directions, expect to see Mexico become one of the countries with emerging markets for legal cannabis.
South Africa has reportedly published guidelines for the legal production of medical marijuana. Last year, the country's High Court issued a ruling allowing people to legally consume cannabis in private. As a result of these changes, South Africa is poised to become one of the major marijuana markets in Africa. And as the country's laws continue to change, expect South Africa to become a growing legal market.
At the beginning of the year, the Zimbabwe made the headlines by legalizing the cultivation of cannabis for scientific and medical purposes. Thanks to this law, people can now apply for a legal license to grow marijuana. This could be an important first step towards creating an emerging legal marijuana market in Zimbabwe.
Last year, the Greek government legalized the use of medicinal marijuana for adults. Then, this year, lawmakers approved the cultivation and production of medical cannabis. As a result, there could be significant new activity in the small island country. In particular, a number of cannabis companies around the world have already shown interest in the recently expanded legal medical marijuana market in Greece.
Lebanon already has one of the most dominant positions on the global black market. Thanks to an ideal climate for growing cannabis, the country is known to produce tons of premium weed. Now lawmakers across the country are considering make all this activity legal culture. If the country follows the first plans to legalize marijuana, expect Lebanon to quickly become a major player in the global cannabis market.
Cannabis a global market
Cannabis is big business. And it will only grow. As countries around the world continue to take steps to pass more lax cannabis laws, the likelihood of an explosive global legal market becomes more likely.