The cannabis market is estimated to be a $100 billion industry by 2026. While legalising ganja has been a slow burn in Asia, attitudes are shifting. Demand from regional consumers will slowly light up, says t__shum BVPredicts
Don Quijote supermarkets now offer a wide range of CBD oils and gummies. South Korea was the first country in East Asia to legalise pharmaceutical cannabis, and Japan, Malaysia and Taiwan are all considering similar moves. If American experience is any guide, regulated pharmaceutical use will inevitably trickle into the recreation market, boosting aggregate demand.
China is a question mark. The country was scarred by its experience with opium, which it associates with imperialism. On the other hand, the marijuana plant grows naturally in Yunnan province. China is also responsible for around 70% of global hemp fibre production. Extraction of full spectrum hemp oil, which contains CBD, is legal for export under tight scrutiny, notes Andy Li, founder of Yunnan-based Hempson.
Weed enthusiasts should be optimistic, though. Conor O’ Brien, former lead analyst at Prohibition Partners, thinks the Asian market will grow at least 10 times to roughly $120 million by 2026. That’s only a fraction of the $100 billion industry that the devil’s lettuce is becoming, but it’s a start. Cannabis in Asia will burn slowly, but where there is smoke there may eventually be fire.
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