Recreational Cannabis - Georgia

Georgia

The Recreational Cannabis market in Georgia is expected to achieve a revenue of 0.00 by 2024.
This projection indicates an annual growth rate (CAGR 2024-0.00) of [globalrevenue_currentlayer_yeartoday_currentcountryvalue], ultimately leading to a market volume of 0.00 by [globalrevenue_currentlayer_yeartoday_currentcountryvalue].
When compared globally, United States is anticipated to generate the highest revenue of US$24.96bn in 2024.
In terms of per capita figures, the revenue generated per person in Georgia is estimated to be 0.00 in 2024.
Georgia's recreational cannabis market is experiencing a surge in demand as more tourists are seeking to explore its unique cannabis culture and products.

Key regions: Spain, South Africa, Europe, Netherlands, Australia

Market

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Analyst Opinion

Recreational cannabis is used for personal pleasure rather than for health purposes. Recreational cannabis consist of cannabis products which contain high THC content. It is currently legalized in 11 countries, with the USA holding the largest market share. Recreational cannabis was first legalized in the state of Colorado (USA) in 2012, and then in Uruguay in 2013, with a few other countries following shortly after. It is prohibited in so many countries generally because of its perception by many as a gateway drug and its adverse health effect, a perception that in recent times is gradually changing.

Demand for recreational cannabis grew during the pandemic with companies reporting higher revenue in 2020 compared to the previous year. Although cannabis is illegally consumed for recreational purposes in many countries, there have been calls by many to legalize and regulate its consumption due to its economic benefits like job creation, state revenues from tax, saving tax payers money used in handling cannabis cases, etc. The legalization of cannabis in more countries in future would expand the current cannabis market and create lots of opportunities for new players to establish themselves. Although it is still unclear what role the current growing health consciousness of people would have on the market, in my opinion, it won't hinder the growth on the market as more countries legalise the product.

Methodology

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.