Q4 2024: Global Medical Cannabis Continues To Soar

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The global cannabis industry saw an incredible end to 2024. Q4 2024 showed that the international medical cannabis explosion is here as global markets topped three billion euros! 

Thailand burst onto the scene as the first global medical cannabis market to exceed one billion euros. Germany’s move to take cannabis off the narcotics list sent the country’s market skyrocketing past 400 million euros. Australia and Israel held positions three and four with approximately 340 million euros in sales. The United Kingdom, Italy, and Poland all rose significantly, bringing in around 130 million euros in sales. 

The success of global medical cannabis markets is proving cannabis is a growing industry. Most countries are responding by either softening their rules, adopting access, or debating changes to their medical cannabis legislation. 


US Policy Movement Boosts Medical Cannabis Worldwide 

Q1 2024 saw the release of the Department of Health and Human Services (HHS) report on cannabis that irrevocably concluded the plant has medical applications. Later in the year, the HHS testified to this before the Drug Enforcement Administration (DEA). The Department of 

Justice (DOJ) presented a document to the DEA proposing rescheduling cannabis from Schedule I to Schedule III. This document, prompted by the HHS report, spells massive change for the United States and global medical cannabis industries. 

The DOJ concluded that marijuana has a lower potential for abuse and addiction compared to other drugs in Schedule I and II, is indeed accepted as a medical treatment, and has a moderate to low risk of physical addiction, much like coffee. In short, the HHS’s eight-factor analysis found that cannabis does not meet the criteria for Schedule I status, citing the proven dangers of heroin and other harmful Schedule I substances. At this point, only powerful lobby groups are preventing U.S. rescheduling — arguments that cannabis has no accepted medical value have been proven moot by the HHS. 

Medical Cannabis Progress by Country 

Q4 2024 brought news from countries looking to change their stance on cannabis. 

- The Czech Republic announced it would allow general practitioners to prescribe cannabis. Previously, only specialists were able to prescribe. 

- Ireland finished its rounds of debate, paving the way for change and signaling a clear loosening of rules for cannabis to come in 2025.

- Frances medical cannabis access remains uncertain as ongoing trials face legislative roadblocks. 

- Spain followed up on their adoption of a new law to open medical cannabis and signaled that in early 2025, they would announce new regulations. 

- The Philippines and Laos began debate on opening cannabis access for patients after seeing their neighbor, Thailand, explode onto the scene. 


Industry-Moving Capital Raises and Mergers in Q4 2024 

In the last months of 2024, we saw a boom of smaller private transactions supporting new facilities. 

Thailand alone is home to over 300 held cultivation licenses, ranging from boot-strapped operations to large conglomerates. 

Portugal saw new facilities come online, and other countries from Morocco to South Africa and Columbia all invested in cannabis as well. 

Most of the larger global medical cannabis companies had already secured financing by Q4 2024 and are now riding the wave of cannabis sales growth. 

Germany is definitely a hotbed of activity and there was one buyout as High Tide bought Purecan. Only a few big companies are attracting large capital, but mergers and buyouts will continue in 2025, especially around the German market. 


Q4 2024 Sets the Stage for an Explosive 2025 for the Medical Cannabis Industry 

Q4 2024 closed with very strong sales, and countries worldwide are progressing toward increasing patient access. I predict 2025 will see blistering progress in the global medical cannabis industry. Stay tuned — the global medical cannabis explosion is entering a new, exciting phase.


More By This Author:

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