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Summary
This document is an executive summary from a 2017 Ackrell Capital investment report regarding the global cannabis market. It analyzes market size, consumer statistics from the UNODC and RAND Corporation, and projects future growth based on anticipated federal legalization in the United States. The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was likely obtained as part of a congressional investigation, though no specific individuals (Epstein or otherwise) are mentioned on this specific page.
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Key Quotes (3)
"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 that cannabis will eventually become federally legal in the United States, for recreational enjoyment by adults..."Source
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Complete text extracted from the document (2,422 characters)
ACKRELL
CAPITAL
CAPITAL
CHAPTER I
Executive Summary
Executive Summary
■ Global Cannabis Consumers
Cannabis has mass consumer appeal around the world. Millions of people use cannabis recreationally.
Millions more use it medicinally. In aggregate, across all state medical cannabis laws in the United States,
cannabis is legally recognized as a form of therapy or medicine for more than 50 medical conditions,
including Alzheimer’s disease, anorexia, arthritis, cancer, chronic pain, epilepsy and post-traumatic
stress disorder. Similar to the alcohol and pharmaceutical markets, we believe that the total addressable
consumer market for cannabis consists of a significant portion of the global adult population.
Cannabis has mass consumer appeal around the world. Millions of people use cannabis recreationally.
Millions more use it medicinally. In aggregate, across all state medical cannabis laws in the United States,
cannabis is legally recognized as a form of therapy or medicine for more than 50 medical conditions,
including Alzheimer’s disease, anorexia, arthritis, cancer, chronic pain, epilepsy and post-traumatic
stress disorder. Similar to the alcohol and pharmaceutical markets, we believe that the total addressable
consumer market for cannabis consists of a significant portion of the global adult population.
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, con-
sumed cannabis in 2015.
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, con-
sumed 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.
$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 con-
sumer 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.
sumer 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.
We believe that the growth of the global legal cannabis industry will be driven by increasing pen-
etration in largely untapped “mainstream” consumer markets, and that the legal industry could grow
to more than two times the estimated size of the current illegal market. We believe that cannabis will
eventually become federally legal in the United States, for recreational enjoyment by adults and for use
in a broad range of safe drugs and therapeutic products. After U.S. federal legalization, we believe that
etration in largely untapped “mainstream” consumer markets, and that the legal industry could grow
to more than two times the estimated size of the current illegal market. We believe that cannabis will
eventually become federally legal in the United States, for recreational enjoyment by adults and for use
in a broad range of safe drugs and therapeutic products. After U.S. federal legalization, we believe that
© 2017 Ackrell Capital, LLC | Member FINRA / SIPC 1
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