The Evolving Global Cannabis Market
Cannabis is already big (illicit) business Cannabis is a substance with a history of thousands of years of human use and is known and consumed in every corner of the world, no matter what governments say. The average prevalence of illicit cannabis use is 5% in 20 markets researched by Euromonitor International and the global value of illicit cannabis is USD140 billion. This means that, once legal, companies do not have to build awareness and familiarity with the product and can tap into the already large existing market.
Cannabis will be a big legal business. More and more geographies are amending their legal structures, moving from prohibiting to controlling and taxing cannabinoid products. Consumers are turning to cannabis use in diverse parts of their lives; therapeutically, for relaxation, mood management and more. As a result the legal cannabis market is expected to grow from under USD30 billion in 2020 to over USD90 billion in 2025.
The article is property of Euromonitor International, a market research provider, and can be read in full here.
