How much is the cannabis industry worth? New York-based investment bank Jefferies Group LLC estimates the current legal cannabis market is valued at US$12.3 billion.
The global illicit market is estimated to be between US$150 billion and US$200 billion, but for obvious reasons this figure is hard to assess legitimately.
The UN estimates that 190 million people – approximately 3.9% of the global adult population – are cannabis users.
In May 2019 market research and consulting company Grand View Research produced a report stating the global legal cannabis market size is expected to reach US$66.3billion by the end of 2025.
Market research commissioned by the Centre for Medicinal Cannabis (CMC) estimates that the CBD market is currently one of the fastest growing wellbeing product categories in the UK.
An estimated 300,000 people use CBD oil and the industry could be worth almost £1billion per annum by 2025.
Awareness of the potential health benefits of cannabis, cannabinoids and CBD among consumers is growing, and many analysts agree the sector is a significant area for investment.
This trend looks set to continue as more and more research into the health benefits and practical applications of cannabis is undertaken.
The loosening of drug laws, particularly those concerning medical cannabis, in many countries, also contributes to the economic appeal of the cannabis industry.
Stringent rules and regulations may limit the overall growth in Europe but cannabis companies see Australia, Germany, Poland, Colombia, Uruguay, and Israel as promising markets.
Law changes in the UK – where patients can be prescribed medicinal cannabis by specialist doctors – and Thailand, South Africa and New Zealand and some other parts of the world may make them viable markets in the coming decades.
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