Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, May 09 2019 - 09:00
Asia's Medicinal Cannabis Market Could Be Worth Over $US5.8 Billion by 2024 – Prohibition Partners
LONDON, May 9, 2019 /PRNewswire-AsiaNet/--

The Asian medical cannabis market will be worth an estimated US$5.8 billion by 
2024, the world's leading market intelligence and strategic consultancy firm 
Prohibition Partners[] has found in its latest 
report. According to analysis, if legislation is introduced in a number of the 
continent's major markets, this estimate could quadruple by 2027.

The Asian Cannabis 
Report™[], the 
first detailed report on a fully legalised cannabis industry in Asia, finds 
that the continent could reap significant rewards through cannabis 
legalisation. The report includes detailed market value forecasts, regulatory 
timeline analysis, consumption data and healthcare analyses for seven key 
markets, including China, India, Thailand and South Korea. 

Key findings include: 

The Asian cannabis market is expected to be worth $US8.5 billion by 2024 if 
both medical and recreational cannabis are legalised across a number of key 

Almost 86 million people across Asia consume cannabis annually and medicinal 
cannabis consumption alone is expected to increase faster in Asia than in other 
early-adopter nations and regions. 

China and Japan represent Asia's two largest-value medicinal cannabis markets, 
worth almost US$4.4 billion to China and US$800 million to Japan by 2024; 
collectively they would account for an estimated 90% share of the market. 
China has already established global dominance in hemp, accounting for nearly 
half of the world's supply, worth an estimated $1.2 billion. 

India is home to the highest number of cannabis consumers in Asia, estimated at 
38 million.

Ahead of the launch, Daragh Anglim, Managing Director at Prohibition Partners 

"A regulated legal cannabis market could be transformative to patients, farmers 
and economies across Asia. From a financial standpoint, as the world's most 
populous region, the legalisation of cannabis could encourage robust economic 
growth across the region, buoyed by both local and international demand.

"As demand for CBD rises internationally, China has a huge opportunity to 
capitalise on this emerging market and help to shift opinions in favour of the 
therapeutic effects of different cannabinoids, which could stimulate economic 
growth, jobs and taxes throughout the region."

The Asian Cannabis Report™ is the latest in a series of industry-leading 
reports from Prohibition Partners uncovering the commercial opportunities of a 
legal cannabis market. 

The report was published on 09/05/2019, and can also be downloaded on 
Prohibition Partner's website  

About Prohibition Partners
Within two years, we have become the world's leading provider of market 
insights and strategic consultancy for this emerging frontier. 

We firmly believe that data, insights and education will unlock the societal 
and commercial potential of cannabis. 

Our research and content teams routinely share the latest legislative 
developments and key trends in the industry - information that is regularly 
cited by political leaders, investment banks and Fortune 500 companies. 

Our consultancy team works with investors, operators and regulators to identify 
and execute opportunities across multiple jurisdictions. We advise our private 
clients on licensing, regulatory and business opportunities.

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Media contact: 
Michael Latham, Lexington Communications 
+44(0)20 7025 2300

Source: Prohibition Partners