Report: Global cannabis market headed for $31.4b by 2021
That's a spicy meatball! A new report by the Brightfield Group says that the global cannabis market is headed for the skies and beyond. By 2021, says the report, the global cannabis market will be worth $31.4 billion -- that's billions of dollars with a B. Currently, the global market is set at about $7.7 billion, which is still no chump change. That's a huge growth, however, with the market set to quadruple in the next four years.
What's the big driver here? Legalization, says the report, not in the US but in other countries. Right now the US drives about 90 percent of global cannabis sales (at least legal sales), but as more and more countries around the world legalize, Brightman expects that total to drop to around 57 percent. Canada is planning to legalize soon, and along with other big places like South America and Germany, there could be lots of new sellers and customers in the legal market very soon. As an example, Brightfield suggests that Spain will have a recreational market by 2019, and that market alone will be worth $206 million by 2021.
As incredible as that sounds, it probably won't be a completely smooth road -- legalization is still not exactly guaranteed in the US (though it definitely is what most citizens want) and you have to think that as the US and Canada go, there goes much of the rest of the world. If there are any issues, this market may not reach these heights no matter what. Still, there's definitely huge potential here, and if Brightfield is right, the marijuana market could be huge in just the next few years.