New data from Prohibition Partners projects that global legal recreational cannabis sales will double within three years, driven by accelerating policy reform and the emergence of new regulated markets across Europe.
The cannabis data and intelligence firm values the global recreational cannabis market at US$24.9 billion for the current year, with that figure forecast to climb to $49.7 billion by 2027.
While North America is the primary engine of this growth, it is not the only one, with recent policy shifts in Europe also contributing to the upward trajectory.
North America remains the dominant force in legal cannabis globally, with recreational use now permitted in nearly half of all US states and medical use legal across 38 of them.
Within Europe, the Netherlands, Switzerland, Germany, and the Czech Republic have taken the lead on cannabis reform and potential commercial legalisation.
On December 15, some 400,000 people in the Netherlands gained access to legally supplied cannabis through government-licensed channels as part of a pilot program — following the path set by Switzerland, which has approved six similar schemes with over 10,000 registered participants.
The report finds that policymakers and business leaders are taking a grounded, practical approach to cannabis legalisation, weighing the potential socio-economic advantages against the backdrop of a challenging global economy.
That practical approach is evident in reform efforts that draw on lessons learned elsewhere — the shortcomings of prohibition, the value of treating cannabis as a public health issue, and the economic opportunity that comes with developing cannabis-related industries.
Prohibition Partners concludes: "Promising developments in multiple areas show progress towards a larger, more sophisticated and more internationalised global cannabis industry."
The Global Cannabis Report: 4th Edition is available via this link.
