Global Ganja Report

Counterintuitively, the world's top legal cannabis producer, the United Kingdom, is now importing its first shipments of medicinal cannabis prodccts, from Canada and the Netherlands. This is an advance for the UK medical marijuana program, but a proverbial case of "coals to Newcastle"—pointing to the paradoxes of cannabis globalization.

California's ArcView Market Research and its affiliated BDS Analytics have released a "2019 Update" to the 6th edition of their report on The State of Legal Marijuana Markets, which was published back in June. The Update takes stock of events in the second half of the year, and anticipates that worldwide spending on legal cannabis will grow 39.1% to $17 billion in 2019.

With cannabis now legal in 10 US states as well as Canada, demands are growing to wipe out past convictions for personal possession. Politicians have started to respond—but not fast enough for some advocates.

A Chinese delegation to Israel to explore cooperation in the cannabis sector points to the East Asian giant's growing footprint in the global industry. But in a continued contradiction, the People's Republic has possibly the harshest drug laws on Earth—and, where unsanctioned use by the commoners is concerned, cannabis is no exception.

In a strange irony, Vancouver is shutting down its long-tolerated but unlicensed cannabis dispensaries, pursuant to a British Columbia high court decision upholding its right to do so—even as the province struggles to meet demand amid a dearth of licensed retail outlets.

The claim that cannabis causes "mental illness" rears its dubious head like clockwork every few years, and this latest round has occasioned a virtual media frenzy—a seeming backlash to the recent advances in normalization of the herb and its aficionados. Scratching the claims, however, reveals more hype than rigor.

The headlines are all too familiar ones, but this time they got very prominent play.

2018 saw historic strides toward the liberation of the cannabis plant, from the proverbial four corners of the Earth—North America to the Antipodes. Canadian legalization garnered big headlines, but there were significant breaks with the global prohibition regime in several other countries—including some seemingly unlikely candidates, in regions where the anti-cannabis stigma is deeply entrenched.

From the the "Tulip Mania" in 15th century Holland to the Bitcoin bubble of 2017, high hopes for a commodity's market performance can lead to unsustainable overvaluation inevitably followed by a painful correction. Many observers believe that cannabis fell prey to this phenomenon in 2018—but are hoping for growth in a more rational and realistic market in the coming year.