European-based market intelligence firm, Prohibition Partners, released a comprehensive report detailing what Australia’s fledgling medical cannabis industry might look like in ten years’ time.
The report reveals that the cannabis industry in Oceania — the region comprising Australasia, Melanesia, Micronesia and Polynesia — could be worth at least $12.3 billion to the economy by 2028, representing unprecedented market growth rates over the coming decade.
Prohibition Partners suggests that Australia’s legal medical cannabis market, currently valued at $17.7 million per year, could swell to $1.2 billion by 2024, and then to $3 billion by 2028.
On the back of sweeping legislative changes in a number of US states and now Canada, there’s been a growing movement calling for recreational marijuana use to be legalised in Australia.
Australia’s nascent cannabis industry could grow even further with a recreational market worth up to $8.8 billion annually in a decade if it’s legalised soon, say Prohibition Partners. Source