Like bushfire, the 7 hottest marijuana markets in 2023 will be hard to contain. It’s not just the wave of legalization sweeping through the globe that is precipitating this; other catalysts will force these marijuana markets to burst at the seams.
The global legal marijuana market in 2022 was valued at USD 17.7 billion. These 7 countries are promising to surprise us with even better figures in 2020.
1. Cannabis Market in Australia
This may come as a surprise to many people. However, this is one market to watch in 2020. Medicinal cannabis was legalized in Australia in 2016 while Canberra became the first city in Australia to legalize recreational weed in 2019. Currently, cannabis has been approved for the treatment of over 40 conditions in Australia.
Australia has a total population of 24.6 million. The current market size for medicinal cannabis is $17.7 million. This market is promising to push sales through the roof in 2020. It is expected to rise to $ 3 billion by 2028.
The federal government has played a big role in facilitating the successful rollout of medicinal cannabis across Australia. The process of applying for TGA approval as a medicinal cannabis patient is now online and takes just a day. Patients can get access to medicinal cannabis either through the Special Access Scheme (SAS) or through an authorized prescriber (AP).
2. Cannabis Market in the UK
The UK has not been left behind in the scramble for the marijuana pie. Medicinal cannabis was legalized in the UK towards the end of 2018. It’s not been a smooth ride from the start. However, the government has made great efforts to improve the accessibility of medicinal cannabis to qualifying patients in the UK.
In 2019, the UK launched the first government-sponsored clinical study on medicinal cannabis. This study named project 21 will enroll 20,000 patients into the pilot before the end of 2021. The UK cannabis market is expected to hit a £2 billion mark by 2024.
This is another promising marijuana market to watch in 2020.
3. Cannabis in Germany
You probably expected Germany to feature on this list. Well, it did. Germany still holds the number one spot for the fastest growing marijuana market. Germany legalized medicinal marijuana in 2017, ever since the marijuana market has been growing in leaps and bounds.
Statistics from Arcview and BDS Analytics estimate 2019 cannabis sales to be $ 9 million. This figure is expected to balloon to $ 1.6 billion by 2022. Other reports give a projection of $8.4 billion in legal sales by 2028.
According to the German Cannabis Report, by 2024 over 1 million patients in Germany will have access to medicinal cannabis. A strong factor precipitating this growth is insurance coverage for medicinal cannabis treatment.
4. Marijuana market in Illinois
Illinois became the eleventh state to legalize recreational marijuana in 2020. With a population of 12.4 million, this state pushed sales of $40 million in the first month of legalization.
A report from the Brightfield group projects exponential growth in this market in the next few years. In their estimation, Illinois has the potential to become the next Colorado. The report cites the population to be a key driver for this growth. Also, Illinois attracts a lot of marijuana tourists from nearby states where recreational marijuana is illegal.
5. Marijuana Market in Canada
Canada, being the first G7 nation to legalize recreational weed, has to be on this list. With a population of slightly over $35 million, marijuana sales in the Great White North topped $100,000 million for the first time in January this year.
As much as the rollout of weed has not been seamless, Canada has made great strides in ensuring a vibrant cannabis market. In January 2020, marijuana dispensaries started selling cannabis edibles and concentrates to the public. This contributed to the exponential growth in sales.
It is estimated that the legal marijuana market in Canada is heading for $3.1 billion this year. It’s a wait-to-see situation here.
6. Cannabis Market in Mexico
Medicinal cannabis was legalized in Mexico in 2017. Talks of legalizing recreational cannabis in Mexico are in the pipeline after failing to sail through in 2019. In spite of this, the writing is on the wall and Mexico is on its way to becoming a formidable force in the marijuana market.
Mexico is a tourist destination with a laid back culture. Should the recreational bill sail through in 2020, Mexico is likely to attract marijuana tourists from nearby countries. Legal sales of cannabis in Mexico are projected to hit $99 million by 2022.
7. Cannabis Market in Israel
Israel is known as a marijuana research center and this has attracted a lot of marijuana funding into the country. North American cannabis companies such as the Cronos group are partnering with Israeli researchers to grow the marijuana market in Israel. This has created a buzzing medicinal cannabis community whose potential has not been fully exploited.
Globally, the marijuana market is one of the most vibrant and promising markets and is projected to hit $73.6 billion by 2027. If you are looking to cash into this promising industry, watch these 7 hottest marijuana markets in 2023
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