According to the Global Cannabis Report, there are more than 260 million adults worldwide that use cannabis at least once a year, spending a cumulative annual total of more than $344 billion (USD) in legal and illicit markets.
A new report, the Africa Regional Hemp and Cannabis Report: 2019 Industry Outlook, by New Frontier Data, estimates that one-third of the world’s marijuana consumers reside on the African continent.
Cannabis is widely-used across Africa, with 11.4% of the population between the ages of 15 of 64 using at nearly double the rate of the global annual average of 6%.
The cannabis-consuming African population spends an estimated $37.3 billion annually, accounting for more than 11% of the global market.
“Demand for CBD products continues to surge across Europe, and many including Canada, which now imports from Colombia to help meet this growing demand, are looking to capitalize on it,” said New Frontier Data CEO Giadha Aguirre de Carcer in a statement. “Not only is hemp a potential low tech, high-profit-margin, new crop to invigorate African economies; it could also support United Nations’ current Sustainable Development Goals such as fostering regional inclusive economic growth and creating sustainable jobs.”
With a population of 1.26 billion people on the African continent, 83 million use cannabis, constituting one-third of marijuana consumers worldwide.
The African cannabis market has the potential for significant future growth as the population is expected to double by the year 2050.
