25 Most Cannabis Consuming-Countries in the World

In This Article:

In this article, we are going to discuss the 25 most cannabis-consuming countries in the world. You can skip our detailed analysis of the global cannabis industry, the budding cannabis-based pharmaceutical industry and the interest of big pharma, and the offshore business activities of some US-based cannabis companies, and go directly to 10 Most Cannabis Consuming-Countries in the World

The medicinal properties of the cannabis plant have been known for millennia. The first documented case of its use dates back to 2,800 B.C., when it was listed in Emperor Shen Nung’s (regarded as the father of Chinese medicine) pharmacopeia. Cannabis is named as one of the five most sacred plants on earth in Hinduism and is believed to cleanse sins and unite one with Shiva. It is also revered for its medicinal properties and used in Ayurvedic medicine. 

Global Cannabis Industry: 

As we mentioned in our article – Top 20 Countries Where Weed Is Legal In 2023 – the global cannabis market was valued at $47.32 billion in 2022, and is projected to grow from $57.18 billion in 2023 to $444.34 billion by 2030, growing at a CAGR of 34% during the forecast period. 

Marijuana legalization is gaining momentum around the globe, driven primarily by the increasing recognition that the product may have a range of legitimate medicinal benefits and therapeutic applications. It is the most widely cultivated, trafficked, and consumed drug worldwide. 

Cannabis-Based Pharmaceutical Industry: 

The FDA understands that there is increasing interest in the potential utility of cannabis for a variety of medical conditions. In 2018, the federal watchdog approved the country’s first-ever drug derived from marijuana – Epidiolex. Produced by GW Pharmaceuticals, the drug is used to treat two rare forms of epilepsy. 

The $7.2 billion acquisition of GW Pharmaceuticals by the global biopharma giant Jazz Pharmaceuticals plc (NASDAQ:JAZZ) in 2021 is the latest sign of the growing legitimacy and increased receptivity of cannabis-based drugs in the pharma industry. With the new purchase, Jazz Pharmaceuticals plc (NASDAQ:JAZZ) – which has focused primarily on sleep medications and oncology – has augmented its neuroscience portfolio. Net product sales of Epidiolex reached $746.4 million in 2022 – an increase of 12% from the previous year – according to an announcement by Jazz Pharmaceuticals plc (NASDAQ:JAZZ). 

Pfizer Inc. (NYSE:PFE) has also entered the medical cannabis industry, betting on a promising cannabinoid-based bowel disease treatment. In December 2021, Pfizer Inc. (NYSE:PFE) announced the acquisition of the clinical-stage company Arena Pharmaceuticals for a total equity value of around $6.7 billion. By acquiring all shares of Arena for $100 per share in an all-cash transition, Pfizer Inc. (NYSE:PFE) has joined other big pharma companies in the cannabis space.