Global spending on legal cannabis to reach $57 billion by 2027

According to the latest report «The Road Map to a $57 Billion Worldwide Market" »from Arcview, According to an institute specializing in the cannabis industry, global spending on cannabis will reach $57 billion by 2027.

The report also projects that the majority of spending—38.3 billion—will be for adult use, while the remainder—19.1 billion—will be for medical purposes.

North America will continue to account for the largest share of spending, reaching $47.3 billion by 2027, but given the market’s large size, growth is expected to be slow, unlike in the rest of the world, where spending will rise from $52 million in 2017 to $2.5 billion in 2027 (47% annual growth).

Europe, however, has the potential to be the the world's largest medical cannabis market, with its 739 million people and 1,500 billion spent on healthcare.

«Apart from the United States and Canada, this will essentially be a medical market until the United Nations reforms the 1961 Single Convention on Narcotic Drugs, which is not expected to happen until after the The United States has not legalized cannabis at the federal level"That's something we don't expect until 2021," explains Arcview CEO Troy Dayton.

«The California has been in the media spotlight and the Canada Attracts Investment by legalizing adult use, but the Legalization of medical cannabis flowers in Germany »And its availability in pharmacies was truly the big news of 2017 from a global perspective,« says Tom Adams, editor-in-chief of Arcview. »The tide has turned in favor of legalization around the world, and we predict that this trend will continue as research continues to support the effectiveness of cannabis as a medicine.”

Among the other items on the report, we learn that:

• Initially, the decision by certain U.S. states and Canada to authorize the medical use of cannabis prompted some countries to approve certain forms of cannabis-based medications. Now that California and Canada have legalized recreational use, the same trend is unfolding.
• The South American healthcare market is one of the most liberal. Spending is expected to rise from $125 million to $776 million, led by Brazil, Argentina, Uruguay, and Peru.
• Germany is positioning itself as the European leader, while the’Italy is expected to be the second-largest market, with more than 1 billion in cannabis spending by 2027
• The cannabis sales in Australia will grow from $52 million in 2018 to $1.2 billion by 2027, making it the fifth-largest market in the world