It makes you wonder, what kind of numbers could Australia pull if we legalised weed tomorrow? A group of researchers have found out.
How much money would Australia’s legal weed market be worth, if we ever had one? A set of research from New Frontier Data has the answer: a lot.
As reported by news.com.au, a study conducted by New Frontier Data determined that a legal Australian cannabis market would be worth more than $5 billion per year. At the moment the black market is worth an estimated $4.5 billion, and you can bet none of that is being invested anywhere useful.
According to the report, cannabis is the most widely used illicit drug in Australia, with 12 per cent of people admitting they had taken a puff in the last 12 months.
Medicinal marijuana is currently approved in Australia, but only for an extremely small cohort of patients suffering chronic or terminal illnesses. There are currently just over 1000 users of medicinal cannabis in the country.
Read our feature: Australia’s Neverending Path to a Proper Drug Policy