This number could as much as quadruple by 2027 if the appropriate legislation passes
The Asian medical cannabis market will be worth an estimated US$5.8 billion by 2024 Prohibition Partners has found in its latest report. Headquartered in London, Prohibition Partners is a market intelligence and strategic insight organisation focused on Europe's legal cannabis industry.
According to analysis, if legislation is introduced in a number of Asia's major markets, the cannabis market could as much as quadruple its value by 2027.
The report found that the continent could reap significant rewards through cannabis legalisation.
Key findings include:
Daragh Anglim, Managing Director at Prohibition Partners explained: "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.