LONDON, Oct. 25, 2018 /PRNewswire/ -- Following the recent full legalisation of cannabis in Canada, European-based market intelligence and strategic consultancy firm, Prohibition Partners, have released the most comprehensive report into the Oceania region´s legal cannabis industry - The Oceania Cannabis Report™.
Prohibition Partners' first report on the market reveals that the Oceania cannabis industry could be worth in excess of AUD $12.3 billion to the economy by 2028, representing unprecedented market growth rates over the coming decade.
Key findings from The Oceania Cannabis Report™ include:
- Oceania's legal cannabis industry could be worth more than AUD $12.3 billion annually by 2028***;
- The majority of the region´s market value will come from the recreational cannabis market, which could be worth an annual AUD$8.8 billion by 2028;
- The medical cannabis market in Australia could be worth over AUD$1.2 billion annually by 2024, quickly ramping up to AUD$3 billion by 2028;
- Over 20 cannabis companies are now publicly listed on the Australian Securities Exchange;
- Australia now boasts more than 1,000 registered cannabis patients;
- Potential patient numbers in the Oceania region could reach almost 400,000 by 2028; and
- An estimated 1 in 13 people aged 15-64 currently use cannabis in the Oceania region.
Prohibition Partners Managing Director, Stephen Murphy, will arrive in Sydney, Australia this week to meet with the region's leading stakeholders and innovators in the legal cannabis industry.
Mr Murphy said that the cannabis industry in Oceania was in an exciting phase of development.
He said that following Canada fully legalising the use of cannabis, many countries would be keeping a keen eye on the economic impact of a regulated cannabis market:
"Market growth in the Oceania region is underpinned by progressive politics which have greatly improved patient access to cannabis in Australia and will likely legalise medical and recreational cannabis in New Zealand by 2020," he said.
"There are signs that the market is developing in the region, and although foreign companies currently dominate, we've noticed a number of local players - predominantly from Australia - vying for a slice of the international market.
***Market sizing assumes a fully legalised medical cannabis and regulated recreational market by 2023.
Media copies of the Oceania Cannabis Report™ and interviews with Managing Director at Prohibition Partners, Stephen Murphy, are available on request. You can view associated materials and infographics here.
About Prohibition Partners
Trusted advisors to the international cannabis industry we work with investors, entrepreneurs and regulators to identify, qualify and maximise the many opportunities in this emerging frontier.
Our reliable and credible insight is maturing the conversation and opening up the market.
Media contact: Matthew Thomas, Senior Account Manager, Promedia Public Relations, +61-422-686-345, [email protected]
SOURCE Prohibition Partners