Canada and the U.S. currently generate a majority of the cannabis industry’s revenue. While both countries are significant factors as the market matures, other nations will take up a share as well.
For example, Mexico, New Zealand and several other countries are considering adult use legalization, and could assume their place in the global market.
Several cannabis industry experts told Benzinga that several regions and nations are already ones to keep an eye on when tracking the global marijuana growth.
The European market is one of particular interest. This interest is backed by forecasts of a flourishing market. Data released in May 2020 from Marijuana Business Daily found the market to have a value of €240 million in 2019.
“The E.U. is moving more quickly than North America on the research front in many markets, compared to the U.S. where the federal prohibition creates barriers to research and limits the availability of plant material, said Jordan Lewis, founder, chairman and CEO of vertically integrated, Uruguay-based Fotmer Life Sciences.
“There is also substantial near term regulatory progress with countries like France allowing research licenses, and the Czech Republic moving forward with cannabis research,” he added.
Germany currently makes up the majority of the continent’s sales activity, totaling 73% in 2019 according to MJBizDaily.
Eric Berlin, a Chicago-based partner at Dentons and an advocate for the market, discussed the importance of the German market. “In Europe, Germany is the most important European market, ranking second in the