Global Cannabis Markets to Watch in 2020

Global Cannabis Markets to Watch in 2020

The global cannabis industry is taking shape, with new markets emerging gradually. From North America to Europe and Asia, Cannabis is becoming a new raw market for investors and business people. The recent wake of legalizations is leading to the emergence of new markets for cannabis investors.

2020 will likely be another year of the boom in the cannabis industry. With investors willing to push resources in this business, opportunities seem to emerge on the horizon. The global cannabis and hemp market is expected to hit over $40.6 billion by 2024, and these markets are emerging as the ultimate hits;


After the legalization of both medicinal and recreational marijuana, Canada is becoming a force in the industry. Big companies are gaining positions in this promising market. In 2019, Deloitte estimated annual revenue of cannabis sales at around USD 22.6 billion. The firm also estimates demand to go above 600,000 kilograms per year.

As of July 2019, there were about 38 licensed producers who could grow, harvest, and process cannabis. In Canada, marijuana has been legalized on the federal level. This provides companies operating in the industry with greater safety and security.

Below are the top Canadian cannabis companies;

  • Canopy Growth
  • GW Pharmaceuticals
  • Curaleaf Holdings
  • Cronos Group
  • Aurora Cannabis
  • Green Thump Industries
  • Tilray Holdings
  • Aphria
  • Trulieve Cannabis
  • CannTrust Holdings

All these companies have massive investments in the Canadian cannabis industry. Also, they have the largest marijuana stocks in 2020.

United States

Unlike Canada, Cannabis is legal on state rather than the federal level. As of 2019, the District of Columbia and 33 states had legalized marijuana for either medicinal, recreational, or both purposes. Only 14 states have legalized the recreational use of cannabis. Demand for marijuana is on the rise, with an estimated $8 billion in revenue generated in 2019.

An estimated 38.4 million people consume cannabis, either legally or illegally. In 2020, the cannabis market is poised to grow by more than 25%. The total legal cannabis sales are expected to reach nearly $30 billion by 2025. According to research by Business Wire, 36% of cannabis consumers reported daily cannabis use while another 59% admitted consuming cannabis at least once a week.

Florida, North and South Dakotas, New Jersey, Missouri, and Arizona states are likely to step up in their campaign towards the legalization of marijuana.


Thailand is the first Asian country to legalize medicinal cannabis. It is fast growing in the cannabis industry after recent legalizations. In September 2019, Thailand lifted cannabis and hemp extracts from the list of banned narcotic substances. Thailand allows CBD extracts not exceeding 0.2% THC.

There is an ongoing proposed draft to allow Thais to grow a limited number of cannabis trees at home. Thailand’s cannabis industry is estimated to hit $661 million (around 21B bhat) by 2024. If exports are made legal, Thailand could be exporting approximately $20 billion by 2025.


In 2017, Germany legalized the use of medicinal marijuana. CBD oil, edibles, cosmetics, crystals, and capsules are allowed in German markets. However, THC levels are strictly controlled.

Germany allows imports exceeding 2,800 kilos of medicinal marijuana to meet local demand. In 2019, Germany’s Federal Institute for Drugs and Medical Devices (BfArM) issued licenses for domestic production of cannabis. The main aim of this licensing was to reduce the over-reliance of imports from Canada and the Netherlands.

In 2018, the German cannabis industry was valued €73.7 million. Cannabis patients are poised to exceed one million by 2024. By 2028, the cannabis market is estimated to reach €7.7 billion.

In 2020, around five cannabis companies could be listed in the European Stock Market. While stocked markets missed out in the early stages, German companies are looking to capitalize on the growth. By late 2020, German suppliers distributing various products will also multiply significantly.


In Italy, cannabis is legal for both industrial and medicinal uses. However, recreational use is decriminalized but highly regulated. Possession of small amounts of cannabis for personal use is a violation that’s subject to fines. Unlicensed cultivation of cannabis is illegal and subject to imprisonment.

Licensed cultivation of marijuana in Italy for industrial and medicinal purposes requires the use of licensed seeds. The Stabilimento Chimico Farmaceutico di Firenze (SCFF) is the only authorized grower of medicinal cannabis.

Although the cannabis market in Italy is meager, it’s expected to triple in 2020 from last year’s 200 kilograms. Despite these small quantities, Italy remains one of the largest European markets. Italy continues to legalize marijuana and might consider recreational use in the coming years.


Uruguay remains the pioneer country globally to legalize recreational marijuana. Also, it’s the first country to allow commercial trade of Marijuana.

In Uruguay, there are more than 7,163 home growers and over 36,487 marijuana customers. However, only two companies have licenses to grow high-THC medicinal marijuana.

Investors are betting on Uruguay to become a global export hub for medicinal marijuana. According to the Medicinal Union of Uruguay, investment in the cannabis market has surpassed USD 100 million. However, this investment is not enough to satisfy the current demand.

According to Monitor Cannabis, Uruguay’s cannabis market could exceed USD 85 million annually if the market is fully expanded.

The Bottom Line

Above are some of the most promising cannabis markets globally. For investors looking to put their resources in the cannabis industry, these are among the most profitable markets. While cannabis is subject to restrictions, it’s becoming one of the most profitable businesses to venture in. The global demand for cannabis exceeds the supply and regulations in place. However, the recent wake of legalizations gives hope to a promising future.

January 13, 2020Comments Off

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