A new report that focuses on the rapid growth of both recreational and medical marijuana sales has been released by New Frontier Data. The report looks at what to expect in the international marijuana industry over the next couple of years, while analyzing the future and current trends in the international markets of Africa, Asia, Oceania, the Caribbean, Latin America, Europe and North America.
In a letter included in the report, Giadha A. DeCarcer, executive chair, publisher and founder of New Frontier Data, stated that the industry would continue to expand and grow. DeCarcer explained that when the first global marijuana industry report was released in 2019, it was clear that the legalization of marijuana would prove to be a significant socioeconomic movement of the present period, noting that in two years, the number of countries that had legalized some form of marijuana had increased to 70, adding that there were 10 countries that had legalized adult-use marijuana.
The report states that last year, the combined total of recreational and medical marijuana sales in the United States was roughly $20 billion, with regulated markets selling almost $24 billion in high-THC marijuana product.
In Canada, about $2 billion in high-THC marijuana products were sold last year. The report notes that the constant increase in marijuana sales in both Canada and the United States could cause sales to increase to roughly $50 billion by the year 2025. The report also found that in countries outside North America, the sale of high-THC products had risen but were still lower overall. For instance, Germany collected an estimated $205 million from its medical marijuana program, which is the largest medical marijuana program in Europe.
In Spain, some provinces have regulations on marijuana sales, despite the fact that the plant is not federally legal in the country. In 2019, marijuana clubs in the country hit $430 million, which makes the country a contender for becoming one of the biggest industries globally, after the United States and Canada.
Last month, a webinar which explored the global marijuana economy’s opportunities, projections and trends was held. John Kagia, chief knowledge officer of New Frontier Data, forecasted that the rate of investment into the global marijuana industry was expected to grow. Currently, $8 billion of capital has been injected into this burgeoning industry.
Recreational marijuana sales are also expected to double medical marijuana sales by 2025. Currently, half a dozen countries have approved the sale of high-THC products while only 10 have legalized recreational marijuana use.
As overall sales grow, it goes without saying that established cannabis companies such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) will see a sizeable fraction of the total revenues generated.
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