Top 20 Countries With The Highest Weed Consumption
insidermonkey.comDec 30, 2023 4:37 PMPublished on December 30, 2023 at 9:37 am by in Business, Industries, Lists, News
In this article, we will take a look at the top 20 countries with the highest weed consumption. If you want to skip our detailed analysis, you can go directly to Top 5 Countries With The Highest Weed Consumption.Cannabis use has been a topic of interest and controversy on a global level for years. Over the past few decades, there has been a significant shift in attitudes toward cannabis, leading to increased consumption and legalization efforts in several countries. The United States and Canada have been at the forefront of this movement. Other countries worldwide, like Uruguay, and several European nations, such as Luxembourg and Albania, have also legalized cannabis to varying degrees.
On July 21, the members of the Albanian Parliament legalized cannabis for medical and industrial use. According to New Frontier Data, 70 countries worldwide have legalized cannabis in some form, mainly medical, of which 26 countries provide medical patients with legal access to high-THC cannabis. Additionally, ten countries legalized the recreational use of cannabis.
Those who continue to oppose the cannabis policy change continue to express concerns about potential health risks, abuse and addiction related to cannabis use. Even though a growing body of research backs both standpoints, it is evident that the number of those supporting marijuana legalization is growing exponentially.
On the contrary, proponents of cannabis argue it has various medicinal benefits, including pain relief, alleviation of symptoms in conditions such as epilepsy and multiple sclerosis, and even potential cancer-fighting properties.
Moreover, advocates claim that legalization can bring economic benefits, such as job creation and tax revenue. The legal cannabis market is projected to reach billions of dollars by the end of the decade, attracting investments from both domestic and international companies. The recent deal between Phillip Morris, one of the biggest companies within the tobacco industry, and Israeli med-tech company Syqe Medical which produces a metered-dose inhaler for pain reduction treatment using medical marijuana, is a step in that direction.
Global Cannabis Market: An Analysis and Major Players
According to an industry analysis report by Fortune Business Insights, the global cannabis market was valued at $43.72 billion in 2022. The market is projected to grow at a compound annual growth rate of 34.03% between 2023 and 2030 and reach $444.34 billion by the end of the forecasted period.Some of the cannabis operators in the world have seen exponential growth over the past couple of years, even though 2023 has been rough for the industry. Some of the top performers in the burgeoning market are Curaleaf Holdings, Inc. (OTC:CURLF), Tilray Brands, Inc. (NASDAQ:TLRY), and Green Thumb Industries Inc. (OTC:GTBIF).
Curaleaf Holdings, Inc. (OTC:CURLF) is a leader in the medical and recreational marijuana space. The company is based in New York and is involved in the cultivation, production, and sale of cannabis products through retail and wholesale channels. Curaleaf Holdings, Inc. (OTC:CURLF) operates through two segments: Domestic Operations and International Operations. As of December 29, the stock has surged by 31% over the past 6 months.
Green Thumb Industries Inc. (OTC:GTBIF) is another prominent American manufacturer and retailer of cannabis products. As of December 29, Green Thumb Industries Inc. (OTC:GTBIF) is worth $2.68 billion and has returned over 35% to investors on a year-to-date basis. Over the past 3 months, 6 Wall Street analysts have given Buy recommendations on the stock. Green Thumb Industries Inc. (OTC:GTBIF) has an average price forecast of $16.90 and a high price target of $23.89.
Tilray Brands, Inc. (NASDAQ:TLRY) is a Canadian cultivator and distributor of cannabis products. The group was founded in January 2022 and has grown to become one of the top pure-play cannabis companies. As of December 29, Tilray Brands, Inc. (NASDAQ:TLRY) has surged more than 45% over the past 6 months and is worth $1.70 billion on the open market. Hedge funds are piling into Tilray Brands, Inc. (NASDAQ:TLRY). At the close of the third quarter of 2023, the stock was part of 17 investors’ portfolios that disclosed positions worth $84.19 million. This is compared to 15 positions in the preceding quarter with stakes worth $11.08 million. The hedge fund sentiment for the stock is positive.
Despite the ongoing discussions and evolving regulations surrounding cannabis, its use and legalization efforts differ significantly from country to country. Some nations have embraced cannabis, allowing its use in various forms and establishing a regulated market. In contrast, others continue to enforce strict laws and prohibit any form of cannabis use. Let’s now take a look at the top 20 countries with the highest weed consumption.
Top 20 Countries With The Highest Weed Consumption
Our Methodology
To compile the list of the top 20 countries with the highest weed consumption, we mixed and matched data from New Frontier Data in 2020, The European Monitoring Centre for Drugs and Drug Addiction and EarthMed. After summarizing the results, we made the following list. The list has been arranged in ascending order of the “prevalence of cannabis use among adults”.
Top 20 Countries With The Highest Weed Consumption
20. Croatia
Prevalence of cannabis use among adults: 10.4%In Croatia, the use of medical marijuana is legal for limited medical use and is decriminalized for personal use. The policy change sought to provide relief primarily to patients with conditions like cancer, multiple sclerosis, or AIDS. Under the Medical Marijuana Regulation, individuals can avail themselves of cannabis-based medicines that contain more than 0.2% of tetrahydrocannabinol (THC). However, both cultivation and sales of cannabis are criminal offenses punishable by imprisonment.
19. Spain
Prevalence of cannabis use among adults: 10.5%In Spain, the cultivation and personal use of cannabis is considered a non-criminal offense. However, the sale and trade of cannabis remains prohibited. Over the years, this Mediterranean country saw the emergence of numerous clubs and associations for cannabis consumption. These businesses, which first appeared in 1991, operate as not-for-profit organizations. They cultivate cannabis and distribute it to their members at a cost price. In May, the Spanish Pain Society (SED) called for the government to present medical cannabis regulatory framework. According to Business of Cannabis, the Spanish Agency for Medicines and Health Products (AEMPS) partnered to integrate medical cannabis into the country’s existing health framework.
18. Italy
Prevalence of cannabis use among adults: 10.8%Italy has embraced a more lenient approach towards cannabis, permitting its use for medical and industrial purposes within a carefully controlled framework while adopting a decriminalization stance towards recreational usage. Specifically, possessing small quantities of marijuana for personal enjoyment is considered a minor offense under civil law. According to The Times, the Italian Army agreed to cultivate and produce high-quality medical marijuana earlier this year, incorporating undisclosed ingredients to nurture potent cannabis strains designed for individuals plagued by health issues such as cancer and Parkinson’s disease.
17. Barbados
Prevalence of cannabis use among adults: 10.9%Recreational use of marijuana is illegal in Barbados, while medical use was legalized in November 2019 via the Medicinal Cannabis Industry Bill. A second bill approved by the government, the Sacramental Cannabis Bill, allows registered Rastafarians’ spiritual use of cannabis. Barbados Medical Cannabis Licensing Authority’s (BMCLA) chairman recently indicated that the island’s first therapeutic facility is scheduled to kick off operations within a year, reported St Vincent Times.
16. Monaco
Prevalence of cannabis use among adults: 11.1%In Monaco, cannabis is altogether illegal. The cultivation, sale and possession of both medical and recreational cannabis is considered a criminal offense punishable with jail time and a steep fine.
15. Morocco
Prevalence of cannabis use among adults: 11.1%Moroccans have been cultivating cannabis for centuries, earning them a place among the world’s top producers of hashish. However, the substance has been illegal since 1956 nationwide. Last fall, the Moroccan state has issued the first ten permits for the medicinal and industrial of cannabis as well as for export. Reuters wrote that cooperatives of farmers living in mountain areas of Al Houceima, Taounat, and Chefchaouen will eventually start cultivating the plant.
14. Belize
Prevalence of cannabis use among adults: 11.4%This Central American country amended its Misuse of Drugs Act in 2017 to decriminalize marijuana. Under the amended rule, legal marijuana use is allowed only on private property.
13. Nigeria
Prevalence of cannabis use among adults: 11.4%Even though cannabis is considered illegal in Nigeria, the country is a significant supplier of West African-grown cannabis. Earlier this year, members of the country’s House of Representatives weighed in on a measure that would make commercial cultivation, sale and consumption of cannabis legal when enacted by local media.
12. France
Prevalence of cannabis use among adults: 11.7%In France, cannabis is considered illegal for personal use, but certain cannabis-derived products are allowed for medical use. In January, the French Economic, Social and Environmental Council (CESE) presented to the government a draft opinion on public policies regarding the use of cannabis.
11. Australia
Prevalence of cannabis use among adults: 11.8%Despite the differences in legislation across Australian states and territories, cannabis continues to be prohibited and its growth, possession, sale and use are all considered unlawful. But, things could change quickly as legal marijuana has the potential to generate $243.5 million per year in the first five years, revealed a recent report.
10. Madagascar
Prevalence of cannabis use among adults: 12.5%The use and cultivation of cannabis is outlawed in Madagascar, yet it remains a thriving industry within the country’s borders.
9. Zambia
Prevalence of cannabis use among adults: 13%Cannabis in Zambia is illegal for recreational use. The substance was legalized In December 2019 for export and medicinal purposes. Two laws addressing the issue got enacted in 2021.
8. Bermuda
Prevalence of cannabis use among adults: 13.5%Bermudians are allowed to use medical cannabis following the policy change in 2016 legally. A year later, the country introduced the Decriminalization of Cannabis Amendment Act, decriminalizing simple possession of up to 7 grams of the plant.
7. Uruguay
Prevalence of cannabis use among adults: 15.2%Uruguay president José Mujica signed the recreational cannabis bill into law in 2013, making it the first country in the world to do so. Currently, the government is exporting low-THC cannabis to the US and has also supplied some European countries, such as Switzerland with the plant.
6. New Zealand
Prevalence of cannabis use among adults: 15.3%New Zealand’s first “legal weed” reached pharmacy shelves in the form of tea last year. The move was part of a deal with the Australian Natural Therapeutics Group. The Ministry of Health gave the company the green light to sell its products to those with a prescription who suffer from chronic pain. Medical cannabis products became available in the country after the Misuse of Drugs (Medicinal Cannabis) Amendment Act of 2018 and the 2020 Medicinal Cannabis Scheme (MCS) got enacted.
https://ebpartners.click/o/yUVRlz
