Spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The recreational market will cover 67% of the spending; medical cannabis will take up the remaining 33%. In Africa, the value of the legal cannabis market could be worth over US$7.1billion by 2023, according to Prohibition Partners, making up 12,2% of the total market value.
Tom Adams, editor-in-chief of Arcview Market Research and managing director for BDS Analytics, writes in the introduction: “the expansion of medical cannabis markets can be expected to lead to broader public acceptance, “setting the stage for the eventual move to adult-use legalization” and that this model “will drive the world market, excluding the United States and Canada, to grow at 35% annually to $10.5 billion by 2027, as a key part of the $57 billion overall market.”
The largest group of cannabis buyers will be in North America, going from $9.2 billion in 2017 to $47.3 billion a decade later. The largest growth spread, however, is predicted within the rest-of-world markets, from $52 million spent in 2017 to a projected $2.5 billion in 2027.
According to the report: “The Road Map to a $57 Billion Worldwide Market"1: