By Dalton Rosario
Despite the World Health Organization’s Expert Committee on Drug Dependence declining motions for rescheduling cannabis at the United Nations’ International Cannabis Policy Conference earlier in December, the global cannabis market is poised to earn revenues as high as $57 billion in the next decade, with 67% of consumer dollars spent by recreational users.
According to collaborative studies conducted by Arcview Market Research and BDS Analytics earlier this year, the United States bolsters the largest market potential estimated at $47.3B by 2027. And with the EU spending roughly $1.3 trillion in government subsidies on universal health care, Europe’s medicinal marijuana market has the infrastructure to become the highest grossing in the world.
To reach this global market capacity a few moving pieces must be set in place. This includes removing cannabis as an illicit drug by rescheduling its current classification. U.S. Federal law considers cannabis a threat to public safety, providing no medical benefit in rank with heroine, ecstasy and bath salts. Global rescheduling initiatives can be accomplished by amending the United Nations’ 1961 Single Convention on Narcotic Drugs, contingent upon the United States leading by example and ending federal prohibition. Unquestionably 2018 has been a remarkable year for cannabis reformation throughout our country and now the world is watching to see what will come from our 2020 presidential elections. There is much to be gained holistically and financially by empowering our communities with the means to invest in progressive developments within the cannabis industry. 2019 legislation set in motion by our 116th Congress will declare the historic turning point in a worldwide cultural movement that has been a lifetime in the making.
