Worldwide spending on legal cannabis is forecast to reach $57 billion by 2027, led by growth in North America and Europe, according to a new report by Arcview Market Research and BDS Analytics.
North America will continue to see the most spending on legal cannabis, rising from $9.2 billion in 2017 to $47.3 billion in 2027.
But the report notes that Europe has the potential to be the largest medical cannabis market in the world.
Germany’s inclusion of medical cannabis in its national health care plan helps position it as the leader in the European market, while Italy is expected to be the second-ranked cannabis industry on the continent.
- Recreational cannabis will make up the majority of spending at $38.3 billion, while medical spending will reach $19.1 billion.
- South America: Spending in medical markets is expected to grow from $125 million in 2018 to $776 million in 2027.
- Australia: Legal cannabis spending is forecast to grow from $52 million in 2018 to $1.2 billion in 2027.
- Israel: The country will continue to be a global leader in the development of cannabis pharmaceutical applications.