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This document is page 103 of a 2017 report by Ackrell Capital, LLC regarding U.S. and International Cannabis Market Estimates. It analyzes global market data provided by the UNODC and RAND Corporation, estimating the illegal market value in the billions. It also outlines predictions for U.S. federal legalization, suggesting a pathway involving FDA approvals and state-level adoption. The document bears the Bates stamp HOUSE_OVERSIGHT_024739, indicating it was part of a document production for a House Oversight Committee investigation, likely related to financial probes involving Epstein or associated entities.
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"In 2003, the UNODC estimated that the global illegal cannabis market was $113 billion, with 160 million consumers."Source
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"In 2010, the RAND Corporation (RAND) estimated that the U.S. illegal cannabis market was $40 billion."Source
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"We believe it is a question of when, not if, cannabis becomes federally legal."Source
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ACKRELL
CAPITAL
CAPITAL
CHAPTER VI
U.S. and International
Cannabis Market Estimates
U.S. and International
Cannabis Market Estimates
Global Market Overview
Cannabis is the most widely cultivated, produced, trafficked and consumed drug worldwide, according to the United Nations Office on Drugs and Crime (UNODC). In 2003, the UNODC estimated that the global illegal cannabis market was $113 billion, with 160 million consumers. The UNODC continues to estimate the number of cannabis users worldwide and recently estimated that 183 million people globally between the ages of 15 and 64, or more than 4% of this age group, consumed cannabis in 2015.
Cannabis is the most widely cultivated, produced, trafficked and consumed drug worldwide, according to the United Nations Office on Drugs and Crime (UNODC). In 2003, the UNODC estimated that the global illegal cannabis market was $113 billion, with 160 million consumers. The UNODC continues to estimate the number of cannabis users worldwide and recently estimated that 183 million people globally between the ages of 15 and 64, or more than 4% of this age group, consumed cannabis in 2015.
In 2010, the RAND Corporation (RAND) estimated that the U.S. illegal cannabis market was $40 billion. Adjusting this estimate solely for inflation and population growth, the U.S. illegal market would now be approximately $48 billion.
Both the UNODC and RAND acknowledge the challenges inherent in studying an illegal consumer market, and both allow significant room for error in their estimates. However approximate, their estimates make clear that there is significant global demand for cannabis. Less clear is how quickly illegal markets will transition to legal markets, as well as the extent to which legalization may increase overall demand.
The Legal Cannabis Market: Key Growth Drivers
We believe that numerous factors will increase consumer penetration rates and the overall size of the legal cannabis market. Such factors include the following.
We believe that numerous factors will increase consumer penetration rates and the overall size of the legal cannabis market. Such factors include the following.
U.S. Federal Legalization. We believe it is a question of when, not if, cannabis becomes federally legal. We predict six developments on the path to federal legalization: (1) the FDA will begin approving individual pharmaceutical-grade drugs derived from cannabis; (2) more states will adopt medical cannabis laws; (3) more states will adopt recreational laws; (4) the FDA will adopt routine approval procedures for drugs with extracts of low-THC/high-CBD cannabis varieties; (5) the FDA will adopt
© 2017 Ackrell Capital, LLC | Member FINRA / SIPC
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