$5 Billion Oceania Cannabis Consumer Market
SYDNEY, Oct. 25, 2018 /PRNewswire-AsiaNet/ --
--Fueled by Canadian Imports, Australia's Medical Market Anchors the Region's Cannabis Industry
New Frontier Data, today's authority in data, analytics and business intelligence on the global cannabis industry, announces the publication of The Oceania Cannabis Report, 2018 Industry Outlook to be released at CannaTech Sydney on Monday, October 29, 2018. New Frontier Data, the first company to rigorously study and assess the size and potential opportunity of legal cannabis in the Oceanic region, estimates total market demand, both legal and illicit, to be worth close to $5 Billion USD. The Oceanic region, comprising Australasia, Melanesia, Micronesia and Polynesia, spans an area of 3.3 million square miles and could contribute almost 3 million consumers to the regional cannabis market.
"New Frontier Data research shows the potential in Oceania to be quite large within this culturally diverse region, with Australia and New Zealand having the most progressive cannabis attitudes and highest rates of use. Cannabis acceptance and legalization by these two nations will significantly influence changes in cannabis adoption and regulation throughout the region," said New Frontier Data Founder & CEO Giadha Aguirre de Carcer. "As these countries consider expanded lists of qualifying conditions for medical cannabis, levels of patient participation are expected to steadily climb, creating a legal medical market comparable in many ways to Canada's national medical cannabis market."
Australia plans to become a global cannabis supplier once domestic production gets underway and to date has already issued 18 cultivation licenses, 10 research licenses and 13 manufacturing licenses, signaling significant regional market aspirations.
"Attitudes toward cannabis are evolving quickly in the region," added Aguirre de Carcer. "For example, the U.S. Territory of the Northern Mariana Islands recently became the first territory in the region to fully legalize adult use."
Among the report's key findings:
-- The existing cannabis market across Oceania is worth an estimated $5.0
billion (U.S. dollars)
-- Australia - which accounts for more than 60% of the region's population
- commands the lion's share of market demand in the region, with
approximately 12% of the total adult population in the country consuming
cannabis at least once per year
-- Australia's medical cannabis patient population could reach 330,000 or
1.2% of the population by 2025
-- New Zealand's medical cannabis patient population could reach 70,000 or
1.36% of the population by 2025
Visit NewFrontierData.com/Oceania (https://newfrontierdata.com/oceania ) to obtain a copy of the full report, which contains many more findings on the countries and territories in Oceania that have advanced medical and/or adult-use legalization.
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policymakers. New Frontier Data's reports and data have been cited in over 69 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver, CO, London, UK, Bogota, Colombia, and Hong Kong.
New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data please visit: http://www.NewFrontierData.com.
SOURCE: New Frontier Data
CONTACT: media@NewFrontierData.com, +1-844-420-3882 ext. 3