The cannabis industry has been notoriously successful for some time now as new investments continue to sink into the space. As laws begin to change, and the public perception of cannabis also begins to shift for the positive, many markets around the world have been growing at a rapid rate. Here are some of the fastest growing markets in the world, that many may not have even heard of.
The first market and one that should come as no surprise is that of Germany. According to one report “their third-party market and analytical researchers projected that “marijuana sales in Germany will reach close to $1.6 billion in 2022.” Germany has more than 691,000 legal consumers in the country, in a population of approximately 82.67 million. That means less than one percent of the population consumes medical marijuana.” The hopes are that this will continue to change and given their legal medical market has only been around for a year or so, it seems likely that it will. The interesting fact is that their are 12,000 pharmacies within the country that stock cannabis. These pharmacies however are stocking cannabis that is not locally grown, which could also change in the foreseeable future, but for now, it seems as though the market may continue to boom in the near months to years.
The United Kingdom is the next on this list and one that should potentially be surprising to some. The current laws in the country are quite strict surrounding cannabis, and do not allow for any use of cannabis whether medicinal or not. This however could be changing, as the Advisory Council in the country have stated that “Cannabis-derived medicinal products are recommended to be available on prescription.” This simply means that some of the new pharmaceuticals that are being produced using cannabis components, may be able to be prescribed in the near future to some patients, but we are far away from seeing actual physical cannabis being used throughout the nation. The population however appears as though they would like to see the use of cannabis be available so it may be an option as we move toward the future of the industry. According to one report there is an “estimated $7 million for U.K. medical marijuana sales this year, with four months still to go. $7 million in the big scheme of things, is peanuts, considering Nevada is projected to earn $70 million in tax revenue alone from cannabis sales, while the actual sales are forecasted to make over $500 million.” This number may seem small, but it is only just the beginning.
The last country on the list is that of Switzerland. Switzerland has stated that they allow the legal adult use of low-THC marijuana, which contains around less than one percent. And although this may not be favorable my true marijuana users, it is at least a start. According to one report “there were 410 registered companies in Switzerland that were manufacturing or trading cannabidiol- the non-psychotropic compound of cannabis that’s also known as CBD. The combined total of their CBD sales garnered approximately $62 million (about CHF 60 million) for the year.” CBD has been stated to be one of the most promising aspects of the industry, and continues to fuel new research throughout the market.
The hopes are high that industries like these can begin to flourish as the public becomes more and more comfortable with the idea of legal cannabis throughout the near future.