Newest Predictions Reveal Global Cannabis Market Soon to Be Valued at Over $30 Billion

In the near future, the global cannabis market could be projected to surpass over $30 billion. Worldwide legalization is not quite around the corner yet, but when it does happen, the cannabis industry will be a profitable market indeed.

According to a recent Forbes article, it is predicted that the industry will reach an astounding $31.4 billion globally within the next four years.

The numbers are based on a report that comes from the Brightfield Group, a cannabis research firm based in Chicago. The global market of cannabis sales is currently estimated at $7.7 billion, and experts foresee a compound annual growth rate of 60 percent, as cannabis laws become more lax worldwide and more places legalize.

Also according to the report, 90 percent of the legal industry’s cannabis sales currently come from inside the U.S. However, with countries like Canada raising the bar on effective regulations, soon it, along with Europe and Latin American, are expected to also rise exponentially.

Other countries, although smaller in size, are preparing to become big players in the industry that will contribute to the overall global market value. The Brightfield report also pointed out that Germany is currently considering full legalization, which would be another major win for the industry. Poland just instituted its medical program, something that will certainly bring in revenue. Even Malta just proposed allowing doctors to prescribe cannabis, although current regulations are so strict that no Maltese has received treatment from medical cannabis in a legal setting yet.

It has been clear for some time that cannabis is changing the global market and analysts and economists have predicted for some time that worldwide legalization, or close to it, will do wonders for the global economy. These predictions continue to help to solidify the fact that cannabis is a huge money maker, and a major driving economic force.