By Fabian Dawson
Mata Press Service
Asia is poised to be a new frontier for major pot players and its marijuana market is projected to grow to as much as US$5.8 billion by 2024, says a new report by a cannabis industry data and intelligence company.
The report by London-based Prohibition Partners estimated that Asia’s cannabis usage is about two percent, or 85.5 million people and that several Asian countries are on the cusp of embracing medical cannabis.
“Cannabis use is deeply rooted in some of the region’s ancient medical practices, and we expect to see medicinal cannabis gain favour ahead of any acceptance of recreational,” said the report authors.
“In our view, while Asian investors and start-ups continue to keep an eye on legal developments in Europe and North America, Western-based cannabis companies are getting ready to explore new opportunities in the Asian…