A cannabis worker plucks large leaves from the stalk of a freshly harvested plant.

Rory Savatgy

Report: Global Cannabis Market Could Reach $31.4B by 2021

According to a Brightfield Group report, the global cannabis market is expected to reach $7.7 billion this year and $31.4 billion by 2021, representing a compound annual growth rate of 60 percent.

The researchers expect the adult-use market in Canada, expected to roll out in June, to hit $5.7 billion by 2021 – roughly half the size of the market in the U.S. Together the two markets will represent 86 percent of global cannabis sales by 2021. The group anticipates that European markets, led by Germany, the Netherlands, Switzerland, and Spain, will comprise another 12 percent.

Bethany Gomez, Brightfield’s director of research, said that by 2021 the U.S. will “drop from 90 percent of global 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,” she said in a press release.

The report suggests that low THC, high CBD products have become “the most widely accepted globally” and many countries are permitting such products for importation and local development. The report indicates that while “Canadian companies are moving quickly to become leading cannabis cultivators, brands and distributors internationally” Australian and Israeli companies “are investing in medical marijuana research to corner the pharmaceutical marijuana market.”

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