A recent report out of London England projected the potential European medical cannabis market could be worth $42.8 billion annually.
Done by UK-based cannabis consultancy firm Prohibition Partners, the report also predicted that there is a 50 percent chance some European nations might legalize recreational marijuana within a few years. If that prognostication were to become a reality, the market for legal weed could be worth an extra $24 billion every year.
Europe is already well on its way down the path of cannabis reform. Countries that include Poland, Austria, the Czech Republic, Denmark, Italy and various others, have legalized medical cannabis and discussions of recreational are ongoing in some nations.
US-based consulting firm Ameri Research has also predicted that the global marijuana market by 2024 could be worth $63.5 billion annually. Licensed producers in Canada are poised to dominate the world cannabis market and many are already taking advantage of marijuana reform in various parts of the world.
The numbers projected by Prohibition Partners are exciting, especially to those investing in the cannabis industry, but it is important to note that those predictions are based on a few mitigating factors. For example, in order for Europe to achieve the projected $42.8 billion benchmark, most European nations would need to, at the very least, legalize medical marijuana.
As well, for the global production of $63.5 billion by 2024 to come true, the real game-changer in that scenario would be for the United States to finally legalize cannabis at the federal level.
Day by day, these predictions are seemingly becoming a reality, at least in the case of Europe. The United Kingdom, for example, is in constant debate over the issue, with passionate arguments from a large portion of the population on why medical cannabis should be legalized. As well, Ireland is slowly dolling out cannabis prescriptions, as is Italy. It also looks like the European island of Malta will be the latest to sign medical cannabis into law.
For the moment, the place to invest is Canada. With its government-approved cultivation facilities, robust medical sector, and imminent recreational market, Europe sounds like a great place to dream, but the Great White North is a reality.