The wave of marijuana legalization in the United States gets most of the attention from investors. But a similar push for legalization is happening around the world.
At the time of writing, 34 countries have legalized marijuana for medical use. Another eight have either fully or partially legalized marijuana for cannabis legalization.
And the spread of marijuana legalization around the world has the industry's value through the roof.
According to the National Institute for Cannabis Investors, legal marijuana was a $10.8 billion market in 2018. But by 2029, it's estimated the market could hit a whopping $2.6 trillion in annual sales.
Good luck finding another sector that's growing 23,974% in just over 10 years.
Best of all, the vast majority of countries in the world have not passed any cannabis reform at all. So if you're afraid you've missed the boat when it comes to investing in cannabis, think again. We are still very much in the early phase of this sector's history.
Before we look at the eight countries that have legalized recreational cannabis use, here are the 34 nations that currently allow medical marijuana.
List of Countries Where Marijuana Is Legal for Medical Use
Below is the full list of nations that have legalized medicinal marijuana. Not every country has blanket legalization however, and many have very specific requirements.
- Argentina
- Barbados
- Bermuda
- Brazil
- Chile
- Colombia
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- Germany
- Greece
- Ireland
- Israel
- Italy
- Lithuania
- Luxembourg
- Malta
- Mexico
- New Zealand
- Norway
- Philippines
- Poland
- Portugal
- Vincent and the Grenadines
- San Marino
- Sri Lanka
- Switzerland
- Thailand
- United Kingdom
- Vanuatu
- Zimbabwe
While each of those countries is boosting the size of the global cannabis market, the following eight states are the ones truly leading the revolution.
Here are the countries that have legalized cannabis for recreational use...
Countries Where Marijuana Is Legal for Recreational Use
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Currently, there are only a handful of countries where recreational marijuana use is legalized. Each of the countries below has also legalized medical use:
Here's a breakdown:
- Australia is the most recent country to legalize recreational marijuana use. As of Jan. 31, 2020, recreational cannabis is fully legal in the Australia Capital Territory. Australia is similar to the United States in that recreational cannabis is legal in some places but still remains illegal federally.
- Canada fully legalized recreational cannabis on Oct. 17, 2018. Each province has its own restrictions on age and retail distribution. Medical use of marijuana has been legal in Canada since 2001.
- Georgia is another country that has legalized cannabis for possession and use, but not for purchase. This has been in effect since July 2018.
- Jamaica has fully decriminalized cannabis up to two ounces. Residents can also grow up to five plants.
- The Netherlands is one of the first destinations people think of for legal cannabis. But consumption and sale is only permitted in licensed "coffee shops." Otherwise, possession is decriminalized up to five grams.
- South Africa ended its prohibition of cannabis in 2018. Cannabis possession and cultivation are both legal there, but the purchase still remains illegal. Use is also confined to private homes.
- The United States currently boasts 11 states (and Washington, D.C.) where recreational cannabis is legal. It is still illegal at the federal level, however.
- Uruguay has some of the least restrictive marijuana laws in the world. The country legalized recreational use in 2013 for those 18 and older. Unfortunately for tourists, foreigners are prohibited from buying cannabis in Uruguay.
Make no mistake: The 42 countries we've outlined today are massive catalysts for marijuana stocks and the entire cannabis industry in general. Seemingly every day, new countries or states are moving toward further reform.
Make sure you stay in the loop with Money Morning and our colleagues at the National Institute for Cannabis Investors for up-to-the-minute updates on cannabis legalization.
Illinois Becomes the 11th State to Legalize Cannabis (Making More People Rich)
Cannabis laws are being reformed en masse: Illinois has not only become the 11th - and second largest - state to legalize marijuana, but the first to do so by way of state legislation.
That means the medical, personal, and economic benefits of "America's Green Gold Rush" are appealing to Republicans and Democrats alike.
One cannabis research executive is hailing Illinois the "Marijuana Mecca of the Midwest," a hallmark of the rising uncapped profit potential ahead.
Once the feds end cannabis prohibition nationwide, all bets will be off - demand will boost share prices through the roof. But you can still get in on the ground floor, just in time for what could be the windfall of the century.
Illinois is already housing some of our top picks in the industry, so a few of our favorite stocks could get yet another boost.