Cannabis

Ghana is a country where revenue in the Cannabis market is projected to reach US$66.87m in 2024.
This revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.41%, resulting in a market volume of US$75.33m by 2029.
In global comparison, most revenue will be generated the United States (US$42.98bn in 2024).
In relation to total population figures, per person revenues of US$213.90 are generated in 2024.
Ghana's cannabis market is experiencing a surge in interest from investors eyeing its potential for growth and regulatory developments.

Definition:
The Cannabis market covers products derived from the cannabis plant used for medical or recreational purposes. These products may include dried flowers, oils, edibles, tinctures, and topicals. Depending on the regulations in each country or state, these products are provided by dispensaries, pharmacies, and/or online platforms. They may be consumed in the form of smoking, vaporizing, eating, or applying topically.

Structure:
The market includes Medical, Pharmaceutical, and Recreational Cannabis as well as CBD Products. The Medical and Pharmaceutical Cannabis markets include products used to treat conditions such as chronic pain, mental disorders, and other medical conditions. The Recreational Cannabis and the the CBD Products markets include products used for personal enjoyment or leisure purposes. All cannabis markets include various forms of cannabis such as flowers, concentrates, edibles, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Canopy Growth Corporation, Aurora Cannabis, Curaleaf Holdings, Tilray, Green Thumb Industries, Trulieve Cannabis, Verano Holdings.

Recreational Cannabis
Medical Cannabis
Pharmaceutical Cannabis
CBD Products

Illegal cannabis
Cannabis cultivated for private use

Ghana, known for its vibrant culture and rich history, has seen a growing interest in the Cannabis market in recent years.

Customer preferences: Customers in Ghana are increasingly turning to Cannabis products for various reasons, including medicinal purposes, recreational use, and cultural practices. The demand for Cannabis-based products has been on the rise as consumers become more educated about the potential benefits of these products.

Trends in the market: In Ghana, there is a noticeable trend towards the legalization and decriminalization of Cannabis. This shift in regulations has opened up opportunities for local businesses to enter the market and for international companies to explore partnerships in the region. Additionally, there is a growing trend towards the use of Cannabis for medicinal purposes, driving innovation in the development of new pharmaceutical products.

Local special circumstances: One of the unique aspects of the Cannabis market in Ghana is the cultural significance of the plant. Cannabis has been used in traditional Ghanaian medicine and rituals for centuries, giving it a special place in the hearts of many Ghanaians. This cultural acceptance has helped pave the way for the legalization and normalization of Cannabis in the country.

Underlying macroeconomic factors: The development of the Cannabis market in Ghana is also influenced by macroeconomic factors such as government policies, foreign investment, and international trade agreements. As the government continues to explore the economic potential of the Cannabis industry, there is a push towards creating a regulatory framework that supports sustainable growth and responsible practices. Foreign investors are also eyeing the Ghanaian market as a lucrative opportunity, leading to increased competition and collaboration within the industry.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.