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Global cannabis market will nearly triple to US$40.6B by 2024: Study

The value of the global cannabis market is set to soar to new heights, as more countries and American states legalize the drug, according to a new industry report.

Global legal spending on cannabis is forecast to be US$40.6 billion in 2024, nearly triple the US$14.9 billion estimated to be spent this year, according to Arcview Market Research and cannabis industry analysis firm BDS Analytics, which released its annual "State of the Legal Cannabis Markets" report on Thursday. 

"That's a conservative number as well if regulators wouldn't move as slowly as they are right now," said Tom Adams, managing director of industry intelligence at BDS Analytics, who co-authored the report in a phone interview with BNN Bloomberg. 


Will Australia become Asia's 'clean green' medicinal cannabis supplier?

From powdered milk to multivitamins to fresh fruit, Australian and New Zealand products command a health premium in Asian markets but can the medical cannabis industry leverage this 'clean green' image and follow suit? 

Cann Group (ASX: CAN) CEO Peter Crock believes they will, and this was a driver for the company securing a 20 per cent stake in Auckland-based Pure Cann in April.

"New Zealand are on the verge of getting a medical cannabis legislation through that's expected to be in September this year," Crock tells Business News Australia.

"They're going to have legislation put in place that will allow for an industry to be established in New Zealand - we see that as an opportunity as we'd always expected to service the Asian region."


True Leaf announces first distribution agreement in Asia with Eagle Vet

True Leaf Brands Inc. (“True Leaf” or the “Company”) (CSE: MJ) (OTCQX: TRLFF) (FSE: TLA), a leading global cannabis and hemp wellness brand for pets, announced that on May 23, 2019, it signed a non-binding Memorandum of Understanding (“MOU”) with international pet care distributor Eagle Vet, launching True Leaf’s expansion into the Asian market.


Tokyo Olympics next year: Faster, stronger, but not higher

The famous Olympic motto is Faster, Higher, Stronger. Next year in Tokyo, it could be shortened to only "Faster and Stronger." Higher is out.

That was part of a warning on Tuesday from Toshiro Muto, the chief executive of the Tokyo Olympics.

Cannabis has been legalized in some parts of the world, but Muto reminded potential visitors to the games that the substance is against the law in Japan.

Muto said at a news conference that at least one member of the executive board brought up the issue at a meeting.


Why Asia is the next frontier for big cannabis

Asia might not seem like a potential hotspot for cannabis businesses, but it’s getting there.


You’ll never guess which country smokes the most weed

If you had to guess which country consumed the most cannabis in the world, you’d surely start with places where the plant is at least legalized. Uruguay, for instance, legalized cannabis in 2013. Another choice might be Canada, which passed adult-use marijuana legislation in 2018. Heck, you could even pick countries where the drug is partially legalized, like the United States or Netherlands.


Asia emerging as new frontier for Canadian cannabis players

As cannabis companies eye expansion in European and South American markets, Asia is poised to be a new frontier for some major Canadian pot players.

Despite being the world’s most populous continent, it is estimated that Asia’s cannabis usage is about two per cent, or 85.5 million people, according to London-based cannabis data provider Prohibition Partners. However, several Asian countries are on the cusp of embracing medical cannabis and the continent could see its marijuana market grow to as much as US$5.8 billion by 2024, Prohibition Partners said in a recent report.


Analysis optimistic about progress in the Asian cannabis market

Cannabis is deeply rooted in the continent of Asia, where a cultural, medicinal and spiritual relationship with the plant stretches back into remote antiquity. The harsh prohibition regimes in many Asian countries are likely to be pried open over the next years, allowing for fast growth of a regulated cannabis market.


Nations going to pot: Where cannabis is legal around the world, and where it isn’t

Check out the interactive map here.

Canada, the second nation to legalize recreational marijuana after Uruguay, appears to have had a global impact as more nations come on board.

New Zealand plans a referendum on legalization during next year’s election and Mexico also appears headed that way.

Luxembourg is poised to become the first European country to legalize recreational marijuana, and South Africa is moving in that direction. Israel’s Parliament approved a law allowing exports of medical marijuana. Thailand legalized medicinal use of marijuana, and other Southeastern Asian countries may follow South Korea’s lead in legalizing cannabidiol, or CBD


Asia's medicinal cannabis market could be worth over $US5.8 billion by 2024, report says

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.


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