We all know by now that hemp is rich in cannabinoids, the most famous being CBD, an active ingredient with no psychoactive effects, but with obvious benefits for our body and skin. CBD has a very low content of THC (in cannabis, THC is mainly present as tetrahydrocannabinolic acid, the compound that best exerts its psychotropic properties) but has marked anti-inflammatory, anti-aging and emollient properties. No surprise, therefore, that CBD, or hemp, is now a growing phenomenon all over the world. You can now legally purchase hemo products and feminized seeds BSF online and in-store across many countries. Read this article to find out more about the hemp market and the legal situation around hemp products.
In Europe, international laws do not prohibit the use of cannabis or products based on the substance for therapeutic purposes, in the treatment of well-defined pathologies and disorders. The active ingredients of the so-called medical herb (Medicinal Cannabis) are in fact constantly used to relieve chronic pain in relation to numerous neurodegenerative, metabolic, tumoral diseases, etc. Especially in recent years, mainly by virtue of research in the medical field, the use of hemp for therapeutic purposes is becoming a constant in many European countries.
Even some countries historically “little tolerant” from the point of view of the legalization of hemp (such as Switzerland, Germany, Italy itself …) have instead over time embarked on an important path in the research and use of cannabinoid drugs for medical use.
The status of hemp across the world
The first country in the world to have legalized cannabis is Uruguay where it has been legal since April 2014. In the United States it is legal in Colorado, while consumption has been decriminalized in 14 states. In Canada, cannabis is illegal, but the government can authorize its therapeutic use or for industrial research. In China, all drugs are completely illegal as well as in Japan. In India, the consumption, transport and sale of cannabis and its derivatives are permitted in specific and authorized cases. In Iran it can only be grown for food (from the seeds an oil is obtained which can be marketed). In Cambodia it is formally illegal but with a lot of tolerance on use and cultivation. In Colombia and Mexico the use of cannabis and its derivatives is decriminalized, in Chile only therapeutic use is permitted, while in Bolivia and Paraguay consumption and possession are illegal.
The global legal cannabis market shows no signs of stopping, and we are only at the beginning of the development of a sector which, over the next few years, will only be able to evolve and continue to grow as other states regulate cannabis medical and recreational.
Meanwhile, we are already talking about enormous figures, with the USA and Canada taking the lion’s share, while the European medical cannabis market is also growing. The analysts of BDSA, a research company on the legal cannabis market, took stock of the situation.
The USA leads the global market for hemp
Globally, they expect the medical and recreational cannabis market to reach $35 billion in 2022, up 22% from $29 billion in sales last year. Global cannabis sales will exceed $61 billion in 2026, with a compound annual growth rate (CAGR) of over 16%. In the United States alone, sales will exceed $28 billion this year, up about 20% from $24 billion in 2021, and sales are expected to reach $46 billion in 2026. Among the various US states, California stands out, the state that has contributed most to the overall growth in cannabis sales, ahead of New York and New Jersey, which has yet to kick off recreational sales.
The sale of hemp around the rest of the world
BDSA estimates that in the rest of the world, the market for legal cannabis products, including pharmaceutical products derived from it, was around $1.4 billion in 2021 and expects it to grow to $2.2 billion in 2022. International sales, the company estimates, are expected to reach $9.5 billion by 2026. The numbers suggest that most of this new increase will be driven by Germany and Mexico, with France and the UK contributing in significantly.
However, in addition to Germany’s announcement, Malta has legalized the home cultivation and personal use of cannabis, with Luxembourg announcing it will soon follow suit. In this way, a real domestic market is not created, but it is undoubtedly an important first step. And the next news is expected from Spain, and Portugal who have proposed laws to legalize and from Switzerland, in the heart of Europe but outside the European Union, which this summer will kick off experimental legalization in several cities with locally grown cannabis which will be sold in the pharmacy. Meanwhile, check out websites such as Sensoryseeds for all your hemp-related products, and to read more about the benefits of hemp and CBD oils.