Cannabis Regulations Continue to Thaw Throughout the World
In recent years, the cannabis industry has witnessed immense support from countries across the world. Numerous national governments have their own unique perspective regarding the plant, however, most still have not moved to legalize cannabis because of the stigma surrounding its psychoactive nature. Nonetheless, cannabis has already tapped into several of the largest global markets. For instance, Canada became the first and only G-7 nation to legalize cannabis entirely in late 2018. Meanwhile, among the other G-7 nations, France, Germany, Italy, the United Kingdom and the U.S. have all adopted partial or full medical cannabis legislation. The only G-7 nation to not have adopted any form of cannabis legislation is currently Japan. Overall, many Asian countries enforce stricter regulations, which result in severe consequences if violated. As such, cannabis companies have not had much luck tapping into the Asian markets. However, South Korea and Thailand are two Asian nations that decided to take steps forward and dive into the cannabis industry. South Korea’s medical cannabis program launched in early March and paved the way for select THC and CBD-based medication imports. In particular, Canopy Growth Corporation is among the several Canadian multinational firms looking to enter the South Korean market. Similarly, Thailand has moved to legalize medical cannabis, with many expecting the legislation to be implemented next year after Thailand’s military-appointed National Legislative Assembly voted 166 to 0 in favor of legalizing medical cannabis. The profound movement stirring throughout Asia further highlights the impact that cannabis is making on a global scale. Moreover, ongoing international legalization efforts are expected to accelerate and further bolster the market in the near future. According to data compiled by MarketsandMarkets research, the cannabis market was valued at USD 10.3 Billion in 2018. By 2023, the market is expected to reach USD 39.4 Billion while registering a CAGR of 30.7% during the forecast period. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Aphria Inc. (NYSE: APHA) (APHA.TO), HEXO Corp. (NYSE-A: HEXO) (TSX: HEXO)