The Asian medical cannabis market could be worth an estimated US$5.8 billion by 2024, Prohibition Partners, a market intelligence and strategic consultancy firm, has found in its latest report. According to analysis, which was released this Thursday, if legislation is introduced in a number of the continent’s major markets, this estimate could quadruple by 2027.

The Asian Cannabis Report™, a detailed report on a fully legalised cannabis industry in Asia, finds that the continent could reap significant rewards through cannabis legalisation. The report includes detailed market value forecasts, regulatory timeline analysis, consumption data and healthcare analyses for seven key markets, including China, India, Thailand and South Korea.

Key findings include:

• The Asian cannabis market is expected to be worth $US8.5 billion by 2024 if both medical and recreational cannabis are legalised across a number of key markets.
• Almost 86 million people across Asia consume cannabis annually and medicinal cannabis consumption alone is expected to increase faster in Asia than in other early-adopter nations and regions.
• China and Japan represent Asia’s two largest-value medicinal cannabis markets, worth almost US$4.4 billion to China and US$800 million to Japan by 2024; collectively they would account for an estimated 90% share of the market.
• China has already established global dominance in hemp, accounting for nearly half of the world’s supply, worth an estimated $1.2 billion.
• India is home to the highest number of cannabis consumers in Asia, estimated at 38 million.

Daragh Anglim, Managing Director at Prohibition Partners, was quoted saying in a press release: “A regulated legal cannabis market could be transformative to patients, farmers and economies across Asia. From a financial standpoint, as the world’s most populous region, the legalisation of cannabis could encourage robust economic growth across the region, buoyed by both local and international demand.

“As demand for CBD rises internationally, China has a huge opportunity to capitalise on this emerging market and help to shift opinions in favour of the therapeutic effects of different cannabinoids, which could stimulate economic growth, jobs and taxes throughout the region.”