Global cannabis market could be worth up to US$130B by 2029
Channel: RICH TV LIVE
Date: 09/03/2019

Global cannabis market could be worth up to US$130B by 2029 - RICH TV LIVE - MARCH 9, 2019 - The global cannabis industry could be worth as much as US$130 billion a decade from now if a wave of legalization sweeps the U.S., Europe and Latin America, according to a report by New York-based investment bank Jefferies Group LLC, which initiated coverage of several companies in the space on Monday.

Jefferies’ projection for the global pot sector is based on the prospect that in the coming years the U.S. and all countries in Europe and Latin America will legalize cannabis for recreational and medical purposes, as well as the potential penetration of other industry sectors in those markets, such as pharmaceuticals, alcohol, health and wellness and pet care.  

The liberalization of the cannabis space in those markets is estimated to be worth about US$80 billion by 2029 and is added on top of Jefferies’ base valuation for the global cannabis industry of US$50 billion by 2029, a conservative figure that only includes the 22 countries which have already legalized marijuana for medical or recreational purposes.

“For the sake of prudency, and due to a lack of visibility around the likelihood and timing of law changes in other markets, these projections only capture major markets (and U.S. states) where cannabis is currently fully legalized,” the wide-ranging 254-page report, authored by Jefferies analysts Owen Bennett and Ryan Tomkins, said. “Given the prudent approach to our base, we would flag a reasonable chance that numbers could actually come in ahead of our projections.”

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With its more conservative US$50-billion valuation, Jefferies expects the U.S. will emerge as the biggest cannabis market in the world by 2029 – worth US$21.7 billion compared to its estimate of just US$5.8 billion for Canada. The rest of the world’s pot market is estimated to be worth just US$3 billion in the next 10 years, the firm added.

Jefferies also took into account the value of the current global illicit market which it estimates to be between US$150 billion to US$200 billion. The current legal cannabis market is valued to be US$12.3 billion, which would make today’s total pot market worth up to $210 billion.

“The above scenario materializing any time soon is highly unlikely, however,” Jefferies said. “First you would need all global markets to become legal, and then you would require all illicit users to switch over. Both [are] not going to happen.”

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