Regulatory volatility, corporate challenges, the rise of telemedicine and the boom in the HDIC space in the US are leading to both challenges and opportunities for cannabis companies across the globe.

Israel represents significant portion of global cannabis consumption, with an estimated 2.4 million illicit users and 132,800 legal medical cannabis patients in 2025. Despite reforms introduced in April 2024 to simplify access for severe conditions, the medical cannabis market faces significant challenges. The prescription process remains cumbersome, and the exclusion of major patient groups such as PTSD and chronic pain has driven many towards the illicit market, which accounts for over 90% of

Chile’s GDP grew around 2.6% in 2024, and it is expected to grow around 2.5% in 2025 with inflation forecast to ease towards 3% by 2026, though household budgets remain pressured. Employment recovery is slow, and political uncertainty persists after constitutional reform setbacks and a polarised presidential election at the end of 2025. Urbanisation and rising disposable incomes could support cannabis demand, but legislative delays remain the key barrier to market expansion, along with decreasin

Canada's cannabis market continued maturing in 2025 with modest economic growth supporting consumer spending, though inflationary pressures and employment fluctuations tempered discretionary purchases. The legal cannabis market expanded 4.4% to reach CAD5,966 million, driven primarily by adult-use consumption while the illicit market declined 14.6%. A landmark shift occurred in late-2025 as pre-rolls overtook flower to become the dominant product category, reflecting consumer preferences for con

This report analyses the market for cannabis in Brazil. For the purposes of the study, the market has been defined as follows:

In 2025, South Africa’s legal cannabis market continued to develop following the Cannabis for Private Purposes Act, which codified the 2018 Constitutional Court judgement into law. This legislation legalised personal cultivation and use of cannabis in private spaces, increasing social acceptance and driving higher consumption and cultivation rates. However, the sale of cannabis remains illegal, subsequently adult-use sales have not been formalised, leaving CBD and medical cannabis as the only re

This report analyses the market for cannabis in Spain. For the purposes of the study, the market has been defined as follows:

Italy’s cannabis market faced disruption in 2025 as many CBD products were reclassified as illegal, banning non-prescription sales. While courts and the EU challenged the decree, political resistance and regulatory uncertainty continue to freeze market growth. Medical cannabis expanded and new Tilray inflorescences are now accessible. Despite stricter driving laws and regional disparities, new initiatives and local hubs are improving patient access.

The US cannabis landscape remains a largely patchwork environment with disparate state-level legality, access and market maturity. Hope for national decriminalisation or outright legalisation is similarly held by consumers, increasingly publicly accepting the category and among multi-state operators seeing a potential opportunity. At the same time, the early signs of a global trade war, local consumer fears about public safety and permacrisis-induced uncertainty about personal fiscal stability w

For two years in a row, Germany’s economy has faced recession and inflationary pressure, impacting consumer confidence. Despite adult-use cannabis being legal for over a year, a regulated market and distribution infrastructure are still absent. Meanwhile, medical cannabis is growing rapidly, with telemedicine platforms gaining traction and improving patient access. Nevertheless, political support for the current law is on shaky ground.

In terms of approved products, certain medications, such as those used to treat conditions such as multiple sclerosis and epilepsy, are authorised and subject to government oversight. When it comes to CBD and other non-intoxicating cannabinoids, the range of legal products is particularly limited, restricted mainly to topical and cosmetic applications.

This report analyses the market for cannabis in Australia. For the purposes of the study, the market has been defined as follows:

Greece has been historically a small cannabis market comprised of an overwhelming share of illicit value sales and a small percentage of CBD sales, whereas medical and adult-use cannabis products were not allowed. Despite scope being rather limited, the introduction of medical cannabis in Greece is a step forward and might open the door to further regulatory changes in line with other European cannabis markets over the next decade.

Poland remains an economic leader in Eastern Europe, with strong growth and falling inflation. The cannabis market is developing, though medical cannabis growth dropped sharply due to prescription changes in late 2024. A bill to decriminalise adult-use cannabis was rejected in September 2025. The future of CBD is uncertain, as a draft amendment proposes banning hemp products for smoking or inhalation. Young people continue to show the most support for the industry.

In 2025, medical cannabis prescriptions in Portugal continued to grow, albeit from a low user base. The industry has placed a significant focus on training doctors to provide them with more information about the benefits and therapeutic indications of prescribing these types of medications. The industry recommendations are based on scientific evidence, according to patient testing.

The Dutch cannabis market is shaped by steady economic growth, low unemployment and stable disposable incomes. Inflation has eased, reducing pressure on consumer spending. Urbanisation and a young adult population sustain demand. Political shifts did not halt the adult-use experiment, which advanced with full enforcement in 2025. Medical use contracted as insurance remained limited, while CBD matured into mainstream health and beauty. Stability supports gradual, not rapid, growth.

In December 2023, the Act Partially Amending the Cannabis Control Act and the Narcotics and Psychotropic Control Act was passed and promulgated by the Japanese Diet. The act came into force in two phases, in December 2024 and March 2025. This legal reform marked the first major change to Japan’s cannabis laws since 1948, shifting from regulations based on parts of the cannabis plant to the introduction of residual THC limits.

In 2025, the Belgian cannabis market continues to grow, with the medical cannabis category leading the way, growing in low single digits. This growth is fuelled by the increasing recognition of Sativex, alongside renewed interest in Epidiolex, which - despite limited pharmacy distribution - remains legally prescribable and is gaining traction among neurologists for treating severe epilepsy. The category’s expansion is further supported by Belgium’s cautious but evolving regulatory stance, which

Argentina’s economy in 2025, is showing signs of recovery and growth, the country will experience gross domestic product (GDP) growth of 5.2% according to the Organization for Economic Co-operation and Development (OECD). This improvement is attributed to the recovery of consumption, investment and higher real income. The stabilisation of inflation will also be key - as important as growth - to boost people’s disposable income and the demand for cannabis. While Milei’s government has a restricti

The regulatory framework continues to guide the development of UK CBD. While the first products may soon emerge from a lengthy “novel foods” approval process and gain full authorisation, important details still need to be clarified, and setbacks remain possible. Persistent economic pressures add to the challenging backdrop, creating an unfavourable consumer spending environment.

Mexico’s cannabis market grows slowly amid economic uncertainty and persistent inflation. While employment remains stable, low disposable incomes and limited public investment constrain demand. Urbanisation and population growth offer long-term potential, but poor infrastructure and cautious regulation hinder progress.

While officially the value of the cannabis market in France reached EUR759 million in 2025, driven by CBD and other non-intoxicating cannabinoids, the overall market (including sales of illicit cannabis) is estimated at EUR7 billion. Illicit cannabis is estimated to account for around 90% of the overall local market. In France, the production, import and sale of recreational and adult-use cannabis continues to be forbidden, and this is expected to remain the case over the forecast period.

Thailand’s cannabis market faces a sharp decline in 2025 as stricter medical-only rules reshape the industry. Flowers are restricted to prescription use, ending recreational sales and pushing demand to illicit channels. Over 1,000 dispensaries have closed, CBD food and beverage demand has dropped and small businesses struggle with compliance costs. The market is shifting to a regulated medical framework dominated by hospitals and licensed producers.

This report analyses the market for cannabis in Switzerland. For the purposes of the study, the market has been defined as follows: