By / November 23, 2019

New cannabis sales forecast might be shocking to investors

Since 1996, two-thirds of U.S. states have given the green light to medical cannabis, with 11 of them legalizing adult cannabis use. As such, cannabis sales forecasts noted that this industry is still destined to boom.

The hemp news application helps readers digest the cannabis news summaries in small digestible chunks, helping them be up to date with the newest information in this field.

As your official hemp news app, we also cover salient topics like the Hemp Farm Bill, the legality of hemp, the various health benefits of hemp as well as the multitude of products made from hemp.

Cannabis sales forecast predicts that Europe will become an industry leader by 2024

Although all investors are now concentrated in the North American market, Prohibition Partners predicts that Europe will outpace North America in terms of total cannabis revenue by 2024.

Europe will earn $39.1 billion in cannabis sales and North America will earn $37.9 billion. On the one hand, experts consider the U.S. and Canada to be more experienced in terms of industrial legalization.

On the other hand, there is more population in Europe, which will play a greater role in promoting cannabis sales in comparison to North America.

After 2024, the legalization of recreational use may begin in European countries which will lead to even greater sales.

Sales of medical cannabis will exceed the revenues from recreational cannabis

Not only will Europe outperform North America in sales, but revenues from cannabis will easily exceed recreational sales within the $62.6 billion margin compared to $41.3 billion.

Although the recreational hemp market is much larger than the medical market, in five years’ time there will not be too many legal markets in the world for adult cannabis users.

Such sales will bring approximately $17.7 billion to North America and $16.8 billion to Europe, accounting for 84% of global recreational sales by 2024.

European adult cannabis sales are likely to start growing in the second half of the coming decade.

European still predicted to boom by cannabis sales forcasts
The European cannabis market has a prosperous future as recreational cannabis legalization happens in the upcoming years. (Source)

The U.S. will legalize recreational cannabis at the federal level by 2024

Another shocking prediction is that the United States will legalize recreational cannabis by 2024.

Although 33 states have legalized some form of cannabis for recreational and medical use at the federal level, the implementation of such a prediction will require a significant change of staff in Congress.

Republicans tend to avoid cannabis reforms in the United States and they now control the majority of the Senate.

Moreover, Senate majority leader, Mitch McConnell, is deliberately blocking cannabis supporters from voting for House of Representatives proposals.

In short, the U.S. would need a real jolt in Congress to legalize marijuana at the federal level.

Cannabis sales forecast predicts black market problems

Finally, it is worth paying close attention to how these experts make their forecasts, especially with respect to the black market.

Medical cannabis plays a role in cannabis sales forecasts
The legalization of medical cannabis isn’t enough to stop the black market. (Source)

“Our recreational market sizes do not include the black market. If the country has not yet legalized recreational cannabis, the value of such a market is zero. In the case of legalization, the corresponding growth curves are applied to the legal market in the long run, limiting it to a maximum of 60% of the value of the entire recreational market (including to black market).”

Note the part “limiting this market to a maximum of 60% of the value of the entire recreational market.”

In this bizarre way, the expert group argues that it does not believe that a significant portion of the illicit market will be squeezed out. In other words, at least 40% of all sales should remain on the black market.

Indeed, the inability to supplant illegal producers is particularly noticeable in the state of California, where consumers are taxed up to 45% for legal products.

Given the fact that almost 80% of the state’s municipalities have banned recreational retail stores, it can be said that local authorities have almost rolled the red carpet out for the black market.


(Featured image by Free-Photos via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in 420Time, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Comments are closed for this post.