A new report projects the international cannabis market will hit $31.4 billion in just a few short years. Brightfield Group, a cannabis market research firm, conducted a study and concluded that by 2020, the global market will see a 60 percent growth rate as countries legalize marijuana.
Earlier this year, a report from Marijuana Business Daily estimated that the total demand for marijuana in the cannabis industry is worth around $45-$50 billion in just the US alone.
According to Forbes
, the U.S., which currently drives 90 percent of global cannabis sales, will see its shares drop to 57 percent by 2021 due in large part to Canada’s plans to legalize recreational marijuana by July 2018.
Also, Latin American and European countries are adopting medical cannabis programs…and German politicians are considering recreational legalization as part of their talks in forming a coalition government.
Bethany Gomez, Director of Research for Brightfield Group, tells Forbes the US will “definitely not” get left out of international business dealings, that “The U.S. market is so much larger than the rest of the international markets combined.”
Gomez adds the report is “more conservative” in estimating the prospects of marijuana legalization, saying,”We certainly strive not to create overblown numbers for the sake of having headlines.”