While the United States and Canada are the countries making the biggest splashes when it comes to cannabis, there are other countries out there that are exploring expanding their marijuana laws and industry.
A recent analysis attempted to determine which countries are most poised for major growth in their cannabis industries by 2022. Here's where they are:
Germany only legalized medical marijuana in 2017, and they already have nearly 700,000 registered cannabis users. Right now the country mostly relies on imported marijuana, but that may change in a few years as Germany begins cultivating their own. Analysts predict the country will have a market around $1.6 billion by 2022.
2. United Kingdom
The UK still has fairly draconian drug laws, particularly when compared with the rest of Western Europe. But a government advisory board recently recommended that the country allow medical marijuana to be prescribed by doctors and that a market should be established. There's also been a lot of pressure on the government to allow cannabis products in recent years, and it's possible politicians could cave under popular demand. Analysts believe the UK market will be worth nearly $300 million by 2022, not as much as Germany but still more than the $7 million it's worth now.
Switzerland already allows low-THC products to be consumed by adults. And last year a Swiss company created low-THC cigarettes that are available for purchase in the nation's largest supermarket chain. While they may not sell marijuana with the THC levels you can find in California or Colorado, Switzerland is still a great place to find cannabis products.
Italy legalized medical marijuana in 2013, but did so with incredible restrictions. The market is currently worth only $7 million. However, many believe the government will ease these restrictions in the coming years so the industry can actually become an industry.
Mexico legalized medical marijuana just last year, and sales are expected to increase in the coming years. But Mexico is also a country to watch regarding legalization of recreational marijuana. Several prominent politicians in the country have expressed interest in doing so, and considering two of their closest partners (United States and Canada) and quickly establishing profitable cannabis industries, Mexico could be the next country to do so.
(h/t Motley Fool)