Brightfield Group releases comprehensive report on emerging international cannabis market
By Brightfield Group
Nov. 9, 2017, Tampa, Fla. - Brightfield Group, a market research firm focused on the legal cannabis industry, has announced the release of its comprehensive market research report on the state of the emerging international cannabis market.
By Brightfield Group
The report includes key market projections, trends, and insights including:
- The global cannabis market will reach $7.7 billion in 2017 and is expected to hit $31.4 billion in 2021, growth at a CAGR of 60 percent.
- The Canadian recreational market will open in 2018, and by 2021 is expected to reach $5.7 billion, nearly half the size of the United States market. Together, the United States and Canada will make up more than 86% of global cannabis sales in 2021. European markets, dominated by Germany, the Netherlands, Spain and Switzerland, will follow with 12 percent of the global market.
- Prior to 2015, most medical marijuana programs outside of North American had sales of less than $3 million per year. By 2021, a dozen countries will have viable medical marijuana markets, and six will have viable recreational marijuana markets.
- Canadian companies are moving quickly to become leading cannabis cultivators, brands and distributors internationally while Australian and Israeli firms are investing in medical marijuana research to corner the pharmaceutical marijuana market.
- More countries are expected to legalize cannabis exports, as the world inches towards a global marketplace for medical marijuana.
- Low THC, High CBD products are the most widely accepted globally, and imports of these products are being legalized in developed and developing markets alike.
In summarizing the report’s overall takeaway for businesses looking to enter the international cannabis market Brightfield’s Director of Research, Bethany Gomez, said: “Cannabis legalization is pushing forward internationally, and by 2021 the United States will drop from 90 percent of global cannabis sales to 57 percent. However, much of the hype about international markets is overblown: only a handful of countries are opening the door to viable business opportunities and in order for companies to be successful they will need to have a shrewd understanding of the nuances and challenges of each specific market.”
The full report can be purchased at www.brightfieldgroup.com/international-markets.