The medical cannabis market in Asia could exceed US$5.8 billion by 2024 if it is legalized across the region, but further legalization is not likely in China and Hong Kong in the near future, according to a new research report.
While attitudes are changing in Europe and the United States, Asian countries remain quite conservative when it comes to the use of marijuana, with China, Japan and South Korea all warning citizens not to indulge when they travel to countries where it is legal, according to Prohibition Partners, a research firm focused on the cannabis industry.
Despite conservative attitudes in Asia, Prohibition Partners said momentum among consumers and businesses for legalization of marijuana for medical use is reaching “critical mass” globally and consumption of medical cannabis in Asia is likely to increase faster than in other early-adopter regions.
