LEGAL SALES OF RECREATIONAL CANNABIS PROJECTED TO DOUBLE WORLDWIDE BY 2027 – WITH FULLY-LEGAL SALES IN EUROPE ALREADY COMMENCING

[THURSDAY 14 DECEMBER, 2023, LONDON, UK] – Projections published in a new report today suggest legal sales of recreational cannabis could double by 2027, as cannabis policy reform gains global momentum and new markets in Europe develop over the next three years.

Currently estimated to be worth US$24.9 billion this year, global sales of recreational cannabis are forecast to reach US$49.7 billion by 2027 – an almost 100% increase during the forecast period.

Findings have been published today in The Global Cannabis Report: 4th Edition by cannabis data, media and tech company, Prohibition Partners.

Progressive Cannabis Policy Reform

This growth in recreational sales globally is driven largely, although not exclusively, by positive cannabis policy reform in North America and, more recently, Europe.

North America remains the global powerhouse of legal cannabis sales. While cannabis remains federally illegal in the United States, 24 out of 50 states have already legalised recreational cannabis. 76% of states (38) have legalised medical cannabis.

In Europe, the Netherlands, Switzerland, Germany and Czech Republic have emerged as the continent’s most progressive prospects for cannabis reform and potential commercial legalisation.

Tomorrow (Friday 15 December, 2023), 400,000 people in the Netherlands will gain access to fully-legal cannabis through government-licensed supply chains as part of a pilot programme. The Netherlands is the second European country so far to launch a pilot programme to assess the pros and cons of recreational cannabis legalisation, behind Switzerland.

In Switzerland, six recreational cannabis pilot programmes have been approved. Four of these programmes began legal recreational cannabis sales in 2023, with two more programmes set to commence sales in 2024 – expanding the potential user base to over 10,000 registered participants.

Positive Developments

The report concludes that, in a difficult global economic environment, and with the potential socioeconomic benefits of cannabis legalisation in mind, policy makers and business leaders alike are taking a pragmatic approach to cannabis legalisation.

This pragmatism is reflected in cannabis reform that is shaped by past experiences and insights from other regions and countries – the failure of prohibition as a means to control cannabis usage, the benefits of approaching cannabis regulation from a health-oriented perspective, and the economic potential of nurturing cannabis-related industries.

Promising developments in multiple areas show progress towards a larger, more sophisticated and more internationalised global cannabis industry.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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