Global Ganja Report

The Mediterranean island nation of Malta has become the first European Union member state to legalize cannabis. It's a seemingly unlikely candidate, and the country's powerful conservative bloc is still trying last-minute maneuvers to prevent the law from taking effect. But if Malta can pull it off, is the rest of Europe far behind?

You know the times they are a-changing when Forbes magazine runs a headline predicting that the international market for cannabis will hit $31.4 billion within the next four years. This projection is based on  a new report from the Brightfield Group, a cannabis market research firm based in Chicago. Currently, the global market is estimated to be worth $7.7 billion, but a compound annual growth rate of 60% is foreseen as countries around the world liberalize their marijuana laws.