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Buy weed online Australia: Everything’s gone green. With Canada set to legalise recreational weed in just under two weeks’ time, and the US hot on its northern neighbour’s heels, we’re seeing the rapid emergence of a hothouse industry that has far outpaced earlier predictions.
According to a report published by Arcview Market Research alongside BDS Analytics, worldwide consumer spending on legal weed is now expected to reach US$57 billion by 2027.
Breaking that down, recreational spending is projected to cross the US$35 billion mark, while medical cannabis spending is expected to hit $US19.1 billion.
Specifically, the North American segment will account for most of the total, growing from US$9.2 billion in 2017 to US$47.3 billion by 2027, and at a compound annual growth rate (CAGR) of 18%.
American users are already buying around US$50 billion worth of marijuana per year — this is expected to grow to US$75 billion in sales by 2030, according to research firm, Cowen & Co.
Perhaps unexpectedly, the fastest growing demographic in the US is seniors — just to further dispel any lingering stereotypes suggesting that weed is solely the province of Clerks-esque Gen X potheads…
A couple of explanations underpin the growth of this particular segment — one being the increasing legality of medical cannabis for the many ailments that affect older people. Another could be that seniors’ mindsets in relation to the drug’s acceptability are simply changing.
Returning to the global pot movement, according to executives with some of the largest pot companies in Canada, the legal cannabis train is also set to take make some European stops.
Bruce Linton, CEO of Ontario-based Canopy Growth (NYSE:CGC | TSX:WEED), expects England to have a fully developed pot market within five years, on par with what Canada has today.
Linton’s company already has a presence in 11 countries, including Denmark, Germany and the Czech Republic. Business from about 1,000 German pharmacies contributed some 10% of the company’s sales in the last quarter, Linton said.
Canopy Growth recently became the first pure-play pot-stock whose valuation has entered the large-cap corridor (with a market cap of at least $10 billion). Last month, beverage giant, Constellation Brands (NYSE:STZ), bought a multi-billion-dollar minority stake in Canopy Growth, which — alongside Canada’s impending legalisation of recreational weed — saw the company soar to unprecedented highs.