In this article, we are going to discuss the top 20 weed smoking countries in the world. You can skip our detailed analysis of the global cannabis industry, the largest cannabis company in the world, and the issues faced by the cannabis industry in America, and go directly to Top 5 Weed Smoking Countries in the World.
The history of the cannabis industry is riddled with changes and conflicting legislation. The international media has played an important role in shifting perspectives about marijuana and drug use. Today, we are watching the slow and steady change of mainstream opinion to consider cannabis one of the more harmless – and probably even potentially beneficial – drugs still considered largely illegal. As perspectives change, we can expect the laws to eventually follow suit.
Global Cannabis Industry:
According to Fortune Business Insights, the global cannabis market was valued at $47.32 billion in 2022, and is projected to grow from $57.18 billion in 2023 to $444.34 billion by 2030, growing at an incredible CAGR of 34% during the forecast period.
Marijuana legalization is gaining momentum around the globe, driven primarily by the increasing recognition that the product may have a range of legitimate medicinal benefits and therapeutic applications. It is the most widely cultivated, trafficked, and consumed drug worldwide.
Largest Cannabis Company in the World:
Curleaf Holdings (OTC:CURLF) is the Biggest Marijuana Company in the World. The company is an industry leader pioneering the cultivation, production, and sale of cannabis in the United States. Curaleaf Holdings (OTC:CURLF) offers a range of products for adult and medical use, including flowers, joints, topicals, vaporizer pens, and edibles. For the fiscal year 2022, the company reportedly grew its revenue by 12% compared to 2021. In the second quarter of 2023, Curaleaf Holdings (OTC:CURLF)’s total revenue was a record $338.6 million, an increase of 1% from $336.5 million in Q1 of 2023, and an increase of 4% from $327 million in the second quarter of 2022.
Issues Faced by the Cannabis Industry:
One of the biggest issues faced by the American cannabis industry is federal illegality, which makes the cost of doing business for weed companies higher than any other business. Due to the difference in federal and state marijuana laws, cannabis companies cannot receive traditional banking or loans. They also don’t have bankruptcy protections like traditional businesses so when these companies falter, receivership is one of their few options. Similarly, insurance comes with sky-high costs as well.
Another big barrier to making money is the enormous amount of taxes weed companies pay because they’re treated like illegal narcotics traffickers under the federal tax code. The goods also cannot cross state lines, and that lack of interstate commerce means companies must build separate farms, factories, and stores in each state where they do business and navigate a rapidly evolving patchwork of state regulations.
Lastly, the constantly narrowing gap between supply and demand has caused prices to nosedive. Retail and wholesale prices have also fallen as competition with the black market puts pressure on legal retailers to keep prices low. The retail price of a gram of marijuana dropped 13% to $9.43 in Q3 of 2022 from $10.83 in the same period the previous year – the steepest fall ever seen for marijuana in a 1-year period.
One of the companies that has faced the brunt of these issues is Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM), a maker of hydroponic plant growing supplies and equipment. Stock price of Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM) has plunged a staggering 60% since September 2022 after the company reported a loss of over $285 million in its last financial year. When a company doesn’t make profit, we’d generally still expect to see good revenue growth, but Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM) also saw its revenue fall by 28%. Stocks of HYFM were held by 5 out of 910 hedge funds in the Insider Monkey database at the end of Q2, with Millennium Management holding the largest stake of 1.08 million shares, valued at $846,572.
Similarly, the Ontario-based Canopy Growth Corporation (NASDAQ:CGC) was the largest cannabis company in the world in April 2019, but the stock price of the company has fallen by nearly 60% since the beginning of the year. The market cap of the company has slumped from nearly $19 billion in 2021 to $701.87 million today. Shares of Canopy Growth Corporation (NASDAQ:CGC) dropped by 40% on the 14th of July after the company announced it was issuing new shares to reduce its debt load, just one day before a key debt maturity.
On the 18th of September, Canopy Growth Corporation (NASDAQ:CGC) announced that it had entered into subscription agreements with certain institutional investors in a private placement offering of 22,929,468 units, at a price per unit of $1.09, for aggregate gross proceeds of approximately $25 million. The investors also hold an over-allotment option to acquire up to an additional 22,929,468 units, at a price per unit of US$1.09, for aggregate gross proceeds of $25 million, at the discretion of the investors at any time on or before November 2nd 2023. The purpose of the offering is to provide the company with additional liquidity of up to $50 million to further strengthen Canopy Growth’s financial position, and is expected to be used for working capital and other general corporate purposes.
With that said, here are Top Weed Smoking Countries.
Copyright: atomazul / 123RF Stock Photo
Methodology:
To collect data for this article, we have referred to the UNODC World Drug Report, to determine Countries with the Highest Annual Prevalence of Cannabis Use. The annual prevalence is the percentage of the youth and adult population who have consumed cannabis at least once in the past survey year. To make sure our list is up-to-date, we have only included countries with data available from 2013 and onwards.
If you also want to check out which cities are smoking the most weed in America, here are the 35 Cities with the Highest Weed Consumption per Capita.
20. Switzerland
Annual Prevalence of Cannabis Use: 7.7%
Decades after pioneering prescription heroin and safe injection sites, Switzerland is now experimenting with decriminalizing recreational cannabis. It’s being done in a very Swiss way – taking things slow and steady to see how the population responds.
The federal government has now authorized trials to take place over the coming decade to experiment with decriminalizing recreational cannabis, taking small steps like it did for four years before introducing prescribed heroin in the 1990s.
19. Argentina
Annual Prevalence of Cannabis Use: 8.13%
While possession of small amounts of weed is decriminalized in Argentina, the cultivation, distribution, and sale of cannabis remains illegal. The country has taken steps towards legalizing cannabis for medical purposes, and some provinces have also decriminalized the use of the drug for personal use.
18. Finland
Annual Prevalence of Cannabis Use: 8.2%
Nearly 30% of adults in Finland admitted to having tried illicit drugs at some point in their lives, most commonly cannabis. Helsinki ranks among Cities with the Most Expensive Weed in the World.
17. Croatia
Annual Prevalence of Cannabis Use: 10.2%
The most used drug in Croatia is cannabis, followed by cocaine, and amphetamines. According to a survey by the Sewage Analysis CORE Group Europe (SCORE) in 2021, the daily cannabis consumption in Zagreb was 132.9 mg per 1,000 people.
16. Italy
Annual Prevalence of Cannabis Use: 10.21%
At present, cannabis is legal in Italy for medical and industrial uses – although it is strictly regulated – while it is decriminalized for recreational use. Over the course of 2021, approximately 17.7% of high school students in Italy consumed cannabis, with this figure reaching 20% when considering only male students.
Rome ranks among the Cities with the Highest Weed Consumption in the World.
15. Netherlands
Annual Prevalence of Cannabis Use: 10.4%
Cannabis has been available for recreational use in Dutch coffee shops since 1976. Amsterdam has dominated cannabis tourism for 40 years, but now it’s stepping back from this multibillion-dollar industry. Earlier this year, Amsterdam Mayor Femke Halsema told media that marijuana tourism is a blight on the city, fostering crime and public disorder, and proposed banning foreigners from its cannabis cafés.
The Dutch rank among the top weed smokers.
14. Monaco
Annual Prevalence of Cannabis Use: 10.47%
Monaco has very stern cannabis laws. Theoretically, individuals in possession of small quantities of marijuana are liable to a fine whereas bigger quantities are subject to jail terms and hefty fines. However, in practice, officers often fail to execute these laws especially in cases where the amount of cannabis is significantly small. It often gets waved aside as a misdemeanor. This has led to many people feeling relaxed to smoke weed in Monaco.
13. Morocco
Annual Prevalence of Cannabis Use: 10.47%
Morocco has long been ranked as one of the world’s largest cannabis producers. In June 2021, the country’s Parliament adopted a law to regularize the plant’s production for medical, cosmetic, and industrial purposes, while production and consumption for recreational purposes remained strictly prohibited.
Morocco creates a considerable amount of the world’s hashish and was the top producer of the resin from 2002 to 2010.
12. Spain
Annual Prevalence of Cannabis Use: 10.5%
In Madrid, cannabis clubs aren’t strictly legal. Instead, they operate in a legal gray area in which ‘members’ join clubs and ‘share’ cannabis that they grow. ‘Donations’ are exchanged for tokens, which are then used to purchase products.
With an average price per gram of $6.8, Madrid ranks among the Cities with the Cheapest Weed in the World.
11. Nigeria
Annual Prevalence of Cannabis Use: 10.76%
Cannabis is cultivated and produced in Nigeria for both domestic consumption and export. The cannabis produced in Nigeria feeds its large domestic market (an estimated 10.6 million cannabis users in 2018) and there is evidence for trafficking to other countries in Africa, too. In the past decade, a number of countries outside of Africa also have mentioned Nigeria as the source country of cannabis. Nigeria is among the Best Countries to Smoke Weed in Africa.
10. France
Annual Prevalence of Cannabis Use: 11%
The average age of cannabis users in France is increasing, from just over 25 in 1992 to almost 33 in 2021. Habitual use by under-25s in France is down from 8.4% in 2017 to 6.3% in 2021. Cannabis use is more prevalent in the over-30s and over-40s.
The reduced cannabis use among young people is closely linked to the drop in cigarette smoking, which is ushering in a ‘behavioral change’ in younger generations. Perhaps cost is also a factor. The retail price of marijuana has increased by more than 25% in just ten years.
9. Czech Republic
Annual Prevalence of Cannabis Use: 11.1%
After a decade of progressive liberalization, the Czech Republic is preparing to introduce a fully legal and regulated cannabis market with the approval of the 2023-2025 Addiction Policy Action Plan in April this year.
Czechia is riding a European-wide wave that could possibly make it one of the first EU countries to introduce a legally regulated cannabis market. The Czech Republic is the Country that Smokes the Most Weed in Europe.
8. Australia
Annual Prevalence of Cannabis Use: 11.6%
Australia’s legal marijuana (cannabis and hemp) industry is in its infancy and was valued at $51.8 million in 2021, with an expected CAGR of 30.1% from 2022 to 2030.
Australia ranks among the top 10 weed smoking countries in 2023, with 36% of people over 14 admitting to have consumed it at least once in their lifetime.
7. Chile
Annual Prevalence of Cannabis Use: 12.05%
Marijuana cultivation appears to be on the rise in Chile, according to the 2021 Narcotrafficking Observatory Report published by the Office of the Attorney General. Authorities seized 285,000 plants in 2020, nearly 50,000 more than in 2019, according to the report.
6. Israel
Annual Prevalence of Cannabis Use: 14%
For years, smoking weed has been socially permissible in Israel despite being technically illegal. Patio tables in cities like Rishon Letsiyon are dotted with people openly rolling joints and lighting up without a second thought. Ironically, smoking cannabis is tolerated in more public places in Israel than in countries like Canada, where recreational marijuana is legal.
Click to continue reading and see the Top 5 Weed Smoking Countries in the World.
Suggested Articles:
- 15 Cheapest Legal Weed States to Live in
- 15 U.S. Cities with the Highest Weed Consumption in 2023
- Top 20 Countries with the Highest Percentage of Smokers
Disclosure: None. Top 20 Weed Smoking Countries in the World is originally published on Insider Monkey.