Cannabis

In Zimbabwe, revenue in the Cannabis market is forecasted to reach US$24.97m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.07%, leading to a market volume of US$27.66m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$180.50 are generated based on total population figures.
Zimbabwe's cannabis market shows potential for growth with increasing legalization and investment interests.

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

The Cannabis market in Zimbabwe has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Zimbabwe are increasingly turning to Cannabis products for medicinal and recreational purposes, following a global trend towards the legalization and acceptance of Cannabis. The demand for Cannabis-based products is being driven by a growing awareness of the potential health benefits and therapeutic properties of Cannabis.

Trends in the market: One of the key trends in the Cannabis market in Zimbabwe is the emergence of new local Cannabis companies and startups, capitalizing on the growing demand for Cannabis products. These companies are focusing on producing high-quality Cannabis products to meet the needs of both medical patients and recreational users. Additionally, there is a trend towards the diversification of Cannabis products, with companies introducing innovative Cannabis-infused products to cater to different consumer preferences.

Local special circumstances: Zimbabwe has a long history of Cannabis cultivation, and the country's climate and agricultural conditions are well-suited for Cannabis production. This has positioned Zimbabwe as a potential hub for Cannabis cultivation and exportation in the region. The government's recent moves to legalize and regulate the Cannabis industry have also created a conducive environment for market growth and investment in the sector.

Underlying macroeconomic factors: The development of the Cannabis market in Zimbabwe is also influenced by broader macroeconomic factors, such as the country's efforts to diversify its economy and attract foreign investment. The Cannabis industry presents an opportunity for economic growth and job creation in Zimbabwe, which is particularly significant given the country's economic challenges in recent years. Additionally, the legalization of Cannabis provides a new revenue stream for the government through taxation and licensing fees.

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.