LONDON, Sept. 3, 2019 /CNW/ -- North America's legal cannabis industry could be worth more than $US47.3 billion annually by 2024, leading cannabis market intelligence and strategic consultancy firm Prohibition Partners has found in its latest report, released today.
The North American Cannabis Report is the first and only free-to-access in depth report on the cannabis industry in the United States and Canada. The report finds that despite Canada becoming the first G7 country to legalise adult-use cannabis, US market growth will greatly exceed their North American neighbour. Currently the most profitable cannabis industry in the world, the US is expected to enjoy triple-digit growth by 2024, despite not having legalised cannabis on a federal scale.
In line with Prohibition Partners' other market leading reports, The North American Cannabis Report includes detailed market value forecasts, regulatory timeline analysis, consumption data, healthcare analyses and commercial opportunities across North America.
Key findings of the report include:
Ahead of the launch of the report, Daragh Anglim, Managing Director at Prohibition Partners said:
"Although North America's legal cannabis industry could be worth more than US$47.3 billion within the next five years, the true value of the market is likely to be much larger than current estimates. This is because, contrary to the hopes of regulators, legalisation is unlikely to eradicate black market sales, particularly in Canada."
"In the US, the model is imperfect. The legal disconnect between federal and state, and between states themselves, presents significant challenges for businesses looking to mature a market with significant potential. Moreover, conflicting adult-use laws in the US are forcing businesses to move to neighbouring states. On a positive note this is fuelling momentum behind legislation as state regulators look to generate and protect tax revenues."
"From an international perspective, in many ways the regulatory frameworks across Europe mirror the patchwork of legislation across the US. Europe, and indeed the world, will continue to monitor developments in North America closely."
Alexandra Curley, Head of Insights at Prohibition Partners, is speaking at MJBizCon INT'L cannabis conference in Toronto and will be available for interviews from 4th to 6th September.
You can receive your free copy of the report from https://prohibitionpartners.com/reports/#the-north-american-cannabis-report along with the full suite of global reports covering Europe, LATAM, Oceania, Africa and Asia.
About Prohibition Partners
Within two years, we have become the world's leading provider of market insights and strategic consultancy for this emerging frontier. We firmly believe that data, insights and education will unlock the societal and commercial potential of cannabis.
Our research and content teams routinely share the latest legislative developments and key trends in the industry ? information that is regularly cited by political leaders, investment banks and Fortune 500 companies.
Our consultancy team works with investors, operators and regulators to identify and execute opportunities across multiple jurisdictions. We advise our private clients on licensing, regulatory and business opportunities.
We are the only data and market intelligence company to have world-wide coverage across Europe, LATAM, Oceania, Africa, Asia and North America.
SOURCE Prohibition Partners
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