By EMILY LEDGER
The Oceania cannabis market could be worth up to US$1.55 billion by 2024 according to the cannabis research group Prohibition Partners. The estimates come as New Zealand introduced new medical cannabis rules and prepares for a referendum on legalising recreational cannabis.
Despite both recreational and medical cannabis remaining illegal in much of the region, Oceania is expected to become a significant cannabis market. In particular, Australia is already ahead of many other regions with a massive 30 cannabis companies listed on the ASX. This is more than the total cannabis companies listed on stock exchanges throughout the whole of Europe.
However, the Oceania cannabis market assessed in Prohibition Partners’ Oceania Cannabis Report also includes various smaller nations and islands in the region. Currently, the majority of these jurisdictions continue to prohibit cannabis.