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The economic figures for cannabis are impressive. According to UN estimates, nearly 3.9% of the world’s population uses cannabis, with its illegal global market exceeding $145 billion per year: that’s nearly $400 million in daily turnover – 397 to be precise.

Perhaps after that, the data on the legal global cannabis market published in various economic analyses do not seem unrealistic:

Billions dance for the misunderstood plant

In the U.S., where medicinal cannabis is legal in 28 states and nine of them recreational cannabis is also allowed. use, reasons for market growth include the wave of legalization, the increase in use for medical purposes, high tax returns, increased investment in research and technology in order to create new products.

In 2016, legal cannabis sales grew by 30%, 150,000 new jobs were created by the U.S. cannabis market, and by 2020, workers in the cannabis sector are expected to surpass those in the construction sector.

U.S. market data analytics firm Brightfield Group estimated the legal cannabis market in 2017 at $7.7 billion–taking into account medicinal and euphoric cannabis—and estimates it will reach $31.4 billion by 2021.

Investment consulting firm Ameri Research Inc. put the legal cannabis market in 2016 at $14.3 billion. dollars, estimating that it will reach 63.5 billion dollars. dollars in 2024.

The image of the article from the insert of EFSYN

On this side of the Atlantic, the British advisory firm Prohibition Partners predicts that within the next five years Europe will become the largest market for legal cannabis in the world and that if all European countries legalise cannabis, the legal market will reach EUR 56.2 billion, of which EUR 35.7 billion will be paid out. EUR 20.5 billion will be for medical cannabis. euro the euphoric use.

According to professionals in the cannabis industry in Europe, over the next decade more than 10 million patients will be able to take cannabis, forming a market of 30-40 billion euros.

At the same time, the market for cannabidiol (CBD) products, which concerns medicines, foods and dietary supplements, is expected to grow by 700% by 2020 to $2.1 billion.

The global market for cannabis food is valued at EUR 200 million, while the European market is valued at EUR 40 million and has been steadily increasing in recent years.

The funds raised globally for cannabis have soared over the past year – from $218 million in early 2017 to $1.4 billion this year.

The EU with more than 739 million inhabitants and health care costs exceeding 1.49 trillion. the euro is considered the largest medical cannabis market in the world.

In this landscape it is estimated that Greece will become a force to be reckoned with: Having adapted its legislative framework for the cultivation and production of industrial and medicinal cannabis products, with the foundation of the emerging and lucrative industrial sector in the Greek economy, expectations are being raised for the creation of even 10,000 jobs, from the revitalization of the rural area, the processing and production of final products to their distribution in the domestic and European market, as well as the attraction of investments in this sector.

As the list of diseases in which medicinal cannabis can have beneficial applications and the innovations concerning its products grow, so do the developmental potential offered by the plant.

[The article was published in the tribute of the Journal of Editors edited by Ioanna Sotirhou and circulated on the occasion of the Balkannabis Expo held in June ’18]

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