Ask any betting soul what they think of a team that comes in fifth and you’re likely to get a bitter laugh or colorful dismissal — unless the player they’re wagering on is the nation’s emerging cannabis industry. When it comes to Australia’s potential place in the pot race, fifth in the world looks like a straight-up winner.
That’s where experts project Australia’s legal cannabis market to be in 2027, anticipating revenues of $1.2 billion, up from $52 million last year.
The combined legal and illegal market is estimated to be a whopping $4 billion-plus. A roundup from the World Law Group notes that some of Canada’s prestige cannabis firms, including Canopy Growth, Aphria, Cronos Group, and Aurora are doubling down on Australia’s medical cannabis programs. “In the public markets space, 6 of the top 10 cannabis-related ASX companies have market caps greater than $50 million. Althea Group’s IPO on 21 September 2018, backed by Aphria, raised $19.6 million and is already the fourth-largest listed cannabis-related company on the ASX,” it reads.
Wider acceptance
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