The International Cannabis Market
Cannabis is the fastest growing industry in the United States and the market presently stands at US$10 billion per year. It is anticipated that at maturity, the global market for cannabis will exceed US$500 billion.
Sales of cannabis products (specifically CBD based products) have increased by over 700% in the last 12 months in the United States. This can be traced back to a scientific breakthrough in the end of the 20th century, when the Endocannabinoid System (ECS) was discovered in human beings.
The ECS is considered one of the most important human functions and its main role is to maintain homeostasis (balanced health) therefore, cannabis is now viewed as one of the most important and versatile medicines of all time. A whole now world is rapidly emerging on the multiple benefits of cannabis, on health, on social structures and on government regulations. The number of conditions treated using medical marijuana is growing rapidly.
An International Overview
The global legal marijuana market is expected to reach USD 146.4 billion by end of 2025, according to a new report by Grand View Research, Inc. Growing adoption of marijuana in several medical applications such as cancer, mental disorders, chronic pain and others is expected to propel revenue growth in near future.
The legal cannabis market has had explosive growth since several states in the United States legalized recreational consumption. With Canada legalizing recreational consumption nationwide and the growing popularity of the plant in the United States, the global legal cannabis market is set to reach over 63 billion dollars in value by 2024.
According to a market report made public on Tuesday (February 26) from Euromonitor International, the firm expects legal cannabis to represent over 70 percent of the total market globally by the target date. Zora Milenkovic, head of drinks and tobacco at Euromonitor International, said cannabis will serve as an ingredient in several consumer goods.
Researchers at the University of Bonn and Hebrew University have discovered that low, regular doses of tetrahydrocannabinol (THC), one of the main active ingredients or cannabinoids found in marijuana, may help to keep our brains from 'slowing down' as we get older. Published today in the journal Nature Medicine, the German study revealed that while younger mice suffered a performance drop under the influence of THC, the psychoactive chemical gave older mice a considerable performance boost, even putting them on par with younger mice who'd abstained.
Home to more than 740 million people — a population more than double that of the US and Canada combined — Europe is set to become the world’s largest legal weed market over the next five years. A new report launched at Davos by legal cannabis expert, Prohibition Partners, maintains that steeply rising patient numbers and legislative progress have created a "transformative" backdrop for medicinal cannabis use in Europe.
Summary of Australian market
- Medicinal cannabis products are legal, high quality medicines that can be prescribed for people by their doctor.
- Medicinal cannabis can be used to treat the symptoms of certain medical conditions, and the side effects of some treatments.
- Different medicinal cannabis products are available to treat different conditions.
- To access medicinal cannabis, first speak to your doctor.
- In Australia, medicinal cannabis products are not subsidized by the Commonwealth Government.
- Cannabis which has not been prescribed by your doctor is an illegal drug.
The Victorian law reform report estimates that 750,000 Australians use cannabis every week, and that 35% of Australians over the age of 14 have used it within their life time. It is difficult to accurately estimate the total user base of medicinal cannabis within this estimate, but the Medicinal Cannabis Users Association of Australia (MCUA), an online advocacy and educational group, recently claimed that their membership was increasing by 150 people a week. SourceIncreasing discussion of the therapeutic properties of medicinal cannabis has created a surge of interest in Australia for its use as an alternative to conventional treatments for a range of health conditions. On top of this, recent surveys have shown that cannabis use by Australians over 50 has increased dramatically, even exceeding the use of cannabis by young Australians, and this could be due to the fact that older people tend to suffer more from conditions such as cancer and chronic pain.
More and more Australians are now seeking both knowledge and access to medicinal cannabis, driven by ineffectiveness of or adverse effects from conventional treatments, financial difficulties relating to existing pharmaceutical treatments and diminished quality of life for patients.
The table below summarises the conditions which cannabis medication (THC and CBD) are known to be able to treat. This list is neither exhaustive nor definitive. It is here only to provide a snapshot of the current state of cannabis research.