Worldwide Legal Cannabis Spending Forecast Points Toward Industry Boom
Millions of people all over the world use cannabis, making it a highly demanded consumer good. In countries where the plant is illegal, black markets boom underground, with drug dealers profiting massively off of low-grade products. However, in countries where cannabis is legal, sales are taxed and nations are making gigantic earnings. Legal markets open up avenues for innovation and competition, resulting in high-quality products and massive variety.
More countries are considering or actively promoting legal cannabis markets, which will only serve to bolster economies.
The worldwide spending forecast for legal cannabis is set to exponentially increase.
United States
Colorado is a great example of the economic potential unlocked by cannabis legalisation. The state legalised cannabis in January 2014, triggering huge growth in the realms of cannabis businesses and tourism. Additionally, the huge taxes the state earned from cannabis sales made international news. In 2014, cannabis taxes were reported to reach a staggering $67.5 million. In 2016, the state raked in $193.6 million in cannabis tax. In 2018, from just January to May, the state earned a colossal $109 million.
Australia
The Green Party in Australia also has desires to fully legalise cannabis for adult use, with the Labor and Coalition parties leaning towards legalisation for medicinal use only. The Green Party claims that the War on Drugs is an utter failure, and point toward the financial benefits of legalising the herb. It’s estimated that legal cannabis could bolster the Australian economy by a staggering $3.6 billion.
Canada
Cannabis has also done the Canadian economy huge favours, with the industry predicted to be larger than the hard liquor market by the year 2020. There are approximately two dozen publicly traded cannabis companies, with a mammoth combined market value of $23 billion.
Worldwide spending trends
When it comes to worldwide legal cannabis spending, the numbers reached $14.3 billion in 2016 alone. This number rocketed up to $16.6 billion in the following year. In 2018, this number is expected to reach $20.1 billion.
When observing the figures of cannabis spending in recent years, it looks somewhat like a staircase. The numbers are constantly increasing year after year, pointing toward the legal cannabis market as a hotbed for investment.
Total spending throughout the industry in 2019 is predicted to be $24.4 billion. These numbers are set to rise to $29.5 billion in 2020, $35.8 billion in 2021, $43.3 billion in 2022, $52.5 billion in 2023, and $63.5 billion in 2024.
Essentially, legal cannabis industry spending is set to more than triple over an 8-year period between 2016–2024; it’s also projected to more than double in only 4 years, between 2020–2024.
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References:
Source: https://www.statista.com/statistics/820158/global-legal-cannabis-market/
