The global marijuana market is currently worth roughly $7.7 billion. In four years, it’s projected this number will reach over $30 billion. Marijuana market research group, The Brightfield Group, recently released a report foretelling of their projections in the marijuana market through 2021.
US Currently Makes Up Majority of Global Marijuana Market
It should come as no surprise that the US makes up the majority of global marijuana money. The Brightfield report stated that the US makes up 90 percent of cannabis sales worldwide, but other countries are quickly catching on. They’ve seen what’s happening in states in the US that have legalized marijuana for medical and/or recreational use.
Colorado’s making $100 million a month on marijuana, and pulling in over $1 billion a year. Numbers like this don’t lie. And other countries are ready to get in on the revenue that several states in the US are enjoying simply because they legalized cannabis.
Cannabis is continuing to lose the negative stigma it held for decades. And countries around the world are starting to understand that it’s not the dangerous drug it was made out to be. Aside from more understanding of the incredible medicine cannabis truly is, marijuana also happens to be a very viable cash crop.
As Countries Ease Up on Cannabis Laws, More Marijuana Money is Projected
The recent report detailing marijuana market projections noted that although the current global market is worth just under $8 billion, experts foresee a compound growth rate of 60 percent annually as more countries start to loosen up on their marijuana laws.
There’s talk in Germany of “fully legalizing” marijuana, a country that legalized the herb for medical use in early 2017. The country also allows medical patients to grow limited amounts of cannabis in the comfort of their own homes.
Medical marijuana was also recently legalized in both Poland and Peru. With more countries beginning to see cannabis for the countless benefits it contains (both medically, personally, and financially), the global marijuana market is bound to begin to boom.