Four of Canada’s largest cannabis companies reported earnings this week. While many investors anxiously awaited management’s outlook for the newly-legal recreational market at home, executives clearly wanted to talk up ambitions abroad.
It’s not hard to see why. Projections for fully legal cannabis in Europe, for example, dwarf comparable North American estimates.
The third edition of the European Cannabis Report forecasts a market worth 115.7 billion euros (US$130.33 billion) by 2028. Meanwhile, legal cannabis in the United States could amount to just $75 billion by 2030, according to a recent estimate by Cowan.
“Europe is undergoing a fast-paced wave of regulatory and legislative changes. A legal version of Moore’s law is at play, i.e., the number of countries that have legalized medical cannabis programs