Global Cannabis Market Forecast To Triple To $40.8 Billion U.S. By 2024

A new report is forecasting that the global cannabis market will nearly triple to $40.8 billion U.S. by 2024.

The increase is projected to be fueled by more countries and American states legalizing the drug, according to a new report by Arcview Market Research and cannabis industry analysis firm BDS Analytics.

Global legal spending on cannabis is forecast to be $40.8 billion U.S. in 2024, nearly triple the $14.9 billion U.S. estimated to be spent this year, according to the report "State of the Legal Cannabis Markets."

While much of the growth is expected to be led by North America, which accounts for nearly 90% of all spending, other markets such as Europe and Asia are expected to end cannabis prohibition with a focus on liberalizing medical cannabis markets. Spending in Canada is expected to reach $5.2 billion U.S. by 2024, in line with an earlier forecast made by BDS Analytics