This summary of the Global Cannabis Market: Fall 2024 Outlook, published by Global G in October 2024.

The global cannabis and hemp market continues to see significant growth, with more countries coming to the market in 2024 and 2025. The international cannabis and hemp oil market experienced notable expansion in 2023, with global exports of these products reaching a total value of $3.61 billion. This represents a 14.2% increase in value across all buyer countries, highlighting the growing demand for cannabis and hemp oils worldwide.

Europe Leads Global Cannabis Hemp Oil Imports

European countries were the largest purchasers of cannabis and hemp oils, spending $1.28 billion—accounting for 35.4% of the global total. North America followed with 29.1% of the total import share, while Asia imported 28.2% of cannabis and hemp oils. The fastest-growing markets for cannabis oil exports since 2022 include Vietnam, with a 131.2% increase, Hong Kong (up 104.1%), the Netherlands (up 27.1%), and New Zealand (up 19.7%). 

In the European Union, the push for better access to medical cannabis is gaining traction. The European Commission recently registered a citizen initiative calling for improved access to medical cannabis across member countries, further demonstrating the region's growing interest in the therapeutic potential of cannabis. 

United Kingdom: Legalization Could Unlock £9.5 Billion Market

In the UK, a new study has suggested that legalizing cannabis could generate an estimated £9.5 billion per year. Currently, the medical cannabis market is valued at £300 million, partly due to physicians’ hesitancy to prescribe. However, cannabis clinics have reported a surge in demand, with some seeing over ten times the number of patients compared to previous years.

The UK, which imported nearly 100% of its medicinal cannabis and CBD products in 2023, mirrors Australia’s legal cannabis market, where most cannabis is sourced from abroad. Despite the reliance on imports, the UK has begun domestic production of some cannabis-based medications, such as Sativex, although much of the raw material is still imported. 

Japan, Spain, and Ukraine Legalize Medical Cannabis

Several countries have recently embraced medical cannabis. In Japan, where the CBD and hemp market has grown sixfold over the past four years to a value of $154 million in 2023, the new medical cannabis law is expected to drive even more growth. Japan’s aging population and limited domestic cultivation capabilities suggest the country may rely heavily on imports to meet future demand.

In Ukraine, the government has approved the use of medical cannabis for about 20 qualifying conditions. However, given the country's cannabis industry is still in its infacy, experts believe Ukraine will rely on 100% cannabis imports for its medical program in the coming years. 

Australia’s Growing Market

Australia’s medical cannabis market continues to expand, with an estimated value of $88.1 million in 2023. Projections indicate the market could grow to $540.6 million by 2030. Like the UK, approximately 80% of Australia’s medicinal cannabis is imported. Cannabis imports have surged sixfold from 2021 to 2023, with over 18 countries supplying the market. 

Germany: Record Cannabis Imports for Medical and Adult Use

Germany, where adult-use cannabis became legal on April 1, 2023, has seen a record volume of cannabis imports for medical and scientific purposes. In 2023 alone, the country imported 31,398 kilograms of cannabis, a 26% increase from the previous year. Over 21 countries supply Germany’s cannabis market, and a portion of these imports is re-exported to other European Union nations, indicating the central role Germany plays in the broader European cannabis supply chain. 

United States: A Major Player in Cannabis Hemp Oil Imports

The United States remains the largest buyer of imported hemp oils, with purchases totaling $928.2 million in 2023. So far in 2024, the U.S. has imported hemp oil from 21 countries, including India and Nepal. Given the rising popularity of cannabis and hemp products in the U.S., the market is expected to continue its upward trajectory. 

As more countries embrace medical and adult-use cannabis, the global market is poised for further growth, with increasing reliance on international trade to meet demand.

The steady rise in exports and imports highlights the interconnectedness of the cannabis industry and the significant economic opportunities it presents across regions.

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