As the global landscape continues to evolve with adjustments in cannabis policies and market attitudes, we are witnessing a significant increase in the acceptance of both recreational and medical cannabis. Starting with the legalization of recreational cannabis in places like Colorado, USA, the global perception and acceptance of cannabis are undergoing profound changes.

Table of Contents

1. Explosion in Global Market Potential

2. Broad Prospects of the European Market

3. US Industry Development and Global Trends

4. Future Outlook

5. Frontier Changes in Germany

6. Innovative Trials in Switzerland

7. Legislative Adjustments in Thailand

8. A Warning from Cannabis Advocates

1. Explosion in Global Market Potential

By 2024, the total revenue of the global cannabis market is expected to reach about $61 billion, showing a strong growth trend and is projected to grow to $103 billion by 2028. This growth is not only driven by the legalization of recreational uses but also by the increasing acceptance of medical cannabis worldwide.

2. Broad Prospects of the European Market

In Europe, as 23 countries have legalized medical cannabis in some form, and five countries have fully legalized policies, the European cannabis market is rapidly expanding. Countries like Portugal and Luxembourg are considering or have already implemented measures for the full legalization of recreational use, demonstrating Europe's positive response to the trend of cannabis legalization. Meanwhile, Australia's medical cannabis program is also growing steadily, further proving the widespread support for cannabis legalization globally.

3. US Industry Development and Global Trends

Despite some stagnation in growth in the US cannabis industry, the global cannabis industry trends remain strong. The focus of the SXSW conference in 2024 will provide a platform for cannabis industry experts worldwide to deeply discuss the latest developments, including policy changes, market trends, technological innovations, and consumer preferences.

4. Future Outlook

The future of the global cannabis industry will continue to be influenced by various factors, including policy-making, technological advancement, market demand, and international cooperation. As more countries and regions recognize the potential contributions of cannabis legalization to economic development, medical research, and social welfare, we can expect a more open, legal, and regulated global cannabis market.

This global transformation will not only bring unprecedented opportunities to entrepreneurs and investors but will also offer more treatment options to medical patients, while promoting public health and social justice progress. As the global cannabis industry continues to develop and mature, governments and international organizations need to work together to formulate reasonable policies and standards to ensure the healthy and orderly development of this emerging industry.

5. Frontier Changes in Germany

Germany stands at the forefront of recreational cannabis legalization, with its government pushing forward a long-awaited legal reform aimed at completely changing the country's cannabis policy. Since the legalization of medical cannabis in 2017, despite strict regulations, the market has been eagerly anticipating a more open policy. In 2024, Germany is expected to take a significant step, with legislation allowing legal cultivation and use of cannabis by April 1, followed shortly by the establishment of cannabis social clubs. This policy shift is expected to attract widespread international attention, positioning Germany as Europe's largest legal cannabis market and the first in the EU to establish an adult recreational cannabis market.

6. Innovative Trials in Switzerland

Switzerland is known for its unique and cautious cannabis policy, allowing the legal use of medical cannabis and tolerating low-THC cannabis products. Surpassing traditional frameworks, Switzerland has implemented an innovative pilot program to assess the impact of a regulated adult-use market on society. This five-year program, covering multiple regions, will collect data on participants' consumption habits and health, providing scientific evidence for future regulatory reforms. Switzerland's approach not only shows a responsible attitude towards public health but could also offer valuable insights to other countries exploring the legalization of adult-use cannabis.

7. Legislative Adjustments in Thailand

Thailand's latest moves in cannabis policy reflect a nation's response to the challenges and complexities encountered in the cannabis legalization process. Despite regulating the use of medical cannabis in 2018 and becoming the first Southeast Asian country to legalize recreational cannabis in 2022, the new government has proposed amendments to current legislation, intending to prohibit recreational use following decriminalization. This policy shift aims to correct previous policy's regulatory shortcomings, ensuring that cannabis use is reasonably restricted to medical purposes while preventing recreational misuse. Thailand's legislative adjustment emphasizes the importance of flexibility and prudence in cannabis policy-making and the necessity of finding a balance between regulation and practice.

These examples reflect the ongoing exploration and adjustment of cannabis policies globally, with countries considering the economic and medical potential of cannabis legalization while also taking into account public health and social responsibility. As more data and research outcomes become available, the future development of global cannabis policies will continue to show diversity and customization, adapting to the changing social and economic needs.

8. A Warning from Cannabis Advocates

Thailand's recent adjustments in cannabis policy hold significant implications for the global movement supporting cannabis legalization. This change not only showcases the challenges in policy-making but also highlights the importance of thorough research and proper regulation in the process of cannabis legalization. Thailand's example serves as a warning to cannabis supporters worldwide that even amidst significant progress in legalization, it is crucial to carefully assess the long-term impacts of policies to ensure the health and safety of cannabis use.

As cannabis legalization progresses globally, countries are exploring suitable cannabis policies for their situations at different speeds and in various ways. Some countries have fully embraced recreational cannabis, seeing the potential to effectively combat black market transactions, increase tax revenue, enhance public health levels, and alleviate social issues through legalization. Meanwhile, other countries are taking more cautious steps, gradually exploring decriminalization or medical-use-only paths, focusing on establishing strict regulatory frameworks as they progress.

Thailand's policy recalibration reminds all cannabis policy makers and supporters to consider the complexity and multifaceted nature of cannabis legalization. The legalization process needs to be based on comprehensive scientific research, public hearings, and public health considerations, ensuring that it can bring about positive effects of cannabis legalization while minimizing potential negative impacts.

In the future, as more research findings emerge and societal attitudes continue to shift, we can expect more countries and regions to join the movement towards cannabis legalization, adopting more open attitudes. In this process, Thailand's experience can serve as an important reference point, urging cannabis legalization advocates and policy makers to remain vigilant and ensure that each step is the result of careful consideration and broad discussion.

Thus, the future development of cannabis legalization not only requires courage and innovation but also caution and responsibility, aiming to achieve genuine policy changes that are beneficial to individuals, society, and the economy alike.

(End by Baojia Chen & ytehvac@gmail.com)