It’s been a fantastic few years for North American cannabis. Numerous medical and recreational markets have been opened up to the cannabis industry, and as a result, a weed boom is in full swing.
However, it’s not just the North American continent that’s enjoying the green rush. Countries all over the world are beginning to recognize the tremendous medical and economic potential of cannabis, and to date, 38 countries have legalized medical cannabis in one form or another.
According to a new report by Zion Market Research, the global cannabis market is forecast to reach $13.78 billion by 2026. And, it’s the growing adoption of medical cannabis for the treatment of chronic diseases such as cancer, arthritis, and Alzheimer’s, as well as mental health conditions and neurological problems such as anxiety, depression, and epilepsy that is the key factor driving market growth, especially for extracts and tinctures, worldwide, according to a recent Grand View Research report.
For us here at Rosin Tech, the continued growth of cannabis concentrates is especially exciting. Thanks to a general shift towards more healthy lifestyles, traditional smoking of flower is falling out of favor with both medical and recreational cannabis consumers alike. The use of sublingual oils, edibles, and all manner of resinous concentrates has exploded in the US, and that trend looks set to continue in the rest of the world.
So, let’s take a closer look at five emerging cannabis markets from around the globe.
Colombia is the hottest cannabis property in Latin America right now. Not only does the country boast some of the most favorable conditions for cultivating cannabis anywhere in the world, but it’s close proximity to the US and Canada make it perfect for supplying the largest cannabis markets on planet earth.
In fact, Canadian cannabis businesses have already begun snapping up land all over the country to do just that. So watch this space, because Colombia has the potential to become the largest cultivator and supplier of cannabis in the western hemisphere.
Uruguay made headlines in 2013 when it became the first country in the modern age to fully legalize cannabis. While role-out of legislation and regulation has been painfully slow, and supply issues have hampered the domestic market, Marijuana Business Daily reports legal cannabis in Uruguay is still booming.
What makes Uruguay special is that it’s the only country other than Canada to completely legalize medical, recreational, and industrial cannabis. With all three of these markets open for business, the future of Uruguayan cannabis looks bright.
With Germany only legalizing medical cannabis in 2017, the countries medical market is still in its infancy. But despite its youth, Germany’s medical cannabis program already has over 40,000 registered patients, and the first cultivation licenses have just been awarded.
While it will be sometime before Germany unseats Spain as the kings of European cannabis, we shouldn’t have to wait too long, because according to Cannabis Business Plan, Germany will soon become the single largest cannabis market on the entire continent.
Europe’s mecca of cannabis is still going strong. While legalization efforts in other parts of the continent have overtaken Holland’s in recent years, there’s no denying that Amsterdam is still the recreational cannabis wonderland of Europe.
It will be of no surprise that the Netherlands have taken cannabis concentrates to heart. Afterall, many of the advances in concentrate making owe their origins to the hash and oil makers of Amsterdam. Hollands capital city remains one of the few places you can enjoy cannabis freely, and it’s long standing medical cannabis program has created a steadily growing market for cannabis products. Europe’s old man of weed still has a lot to give.
While medical and recreational cannabis is still illegal in Brazil, possession and cultivation of personal amounts for private use has been decriminalised. Further legalization efforts are in motion, but for the immediate future Brazilian cannabis markets remain closed.
However, what makes Brazil’s cannabis future so enticing, is all down to its population. With over 200 million inhabitants, Brazil is the fourth most populous country in the entire world. And, that massive population stands to create one hell of a market if cannabis is eventually legalized. It might be some time before that happens, but when it does, Brazil could well become a cannabis superpower.
The US and Canada might have two of the most advanced cannabis markets in the world, but many other nations now are emerging as leaders. What country have we missed with an emerging cannabis market? Tell us about it!