Australia is missing out on $5 billion per year by keeping weed illegal, study finds

In light of Canada’s recent legalisation of recreational marijuana, a wealth of sales figures (like one of the country’s smallest provinces making $400,000 in seven hours) have been making the news.

It makes you wonder, what kind of numbers could Australia pull if we legalised weed tomorrow? A group of researchers have found out.

australian weed market $5 billion
Photo: David McNew / Getty Images

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.

Via news.com.au

Read our feature: Australia’s Neverending Path to a Proper Drug Policy