Asia’s medical cannabis market could eclipse US$5.8 billion by 2024, report says
- Market expansion will require legalisation across the region, according to specialist research firm Prohibition Partners
- China is not likely to fully legalise cannabis in the next five to 10 years
The medical cannabis market in Asia could exceed US$5.8 billion by 2024 if it is legalised across the region, but further legalisation is not likely in China and Hong Kong in the near future, according to a new research report.
While attitudes are changing in Europe and the United States, Asian countries remain quite conservative when it comes to the use of marijuana, with China, Japan and South Korea all warning citizens not to indulge when they travel to countries where it is legal, according to Prohibition Partners, a research firm focused on the cannabis industry.
Despite conservative attitudes in Asia, Prohibition Partners said momentum among consumers and businesses for legalisation of marijuana for medical use is reaching “critical mass” globally and consumption of medical cannabis in Asia is likely to increase faster than in other early-adopter regions.
“In our view, while Asian investors and start-ups continue to keep an eye on legal developments in Europe and North America, western-based cannabis companies are getting ready to explore new opportunities in the Asian market,” the research firm said.
Attitudes about the use of marijuana for treatment of cancer, epilepsy and other ailments have been changing in recent years in the West, where medicinal cannabis is now legal in 33 American states and a number of European countries, including Germany, Italy, the Netherlands and the United Kingdom.
