However, as Visual Capitalist details below, even in these undoubtedly successful markets, cannabis legality varies by country - and as this graphic by Tenacious Labs explores, so does its subsequent market value.

The European Cannabis Market

Although the European Union is one single economic market with agreed upon laws and regulations, individual countries still have their say on national laws. Looking at Europe as a region reshapes things again as countries like the UK are outside the EU—further muddying cannabis laws and regulation.

Regardless, there is immense potential in the European cannabis market—it is expected to be worth $37 billion by 2027. The biggest markets driving this are Germany, the UK, and France.

As of December 2021, Malta became the first European country to fully legalize recreational cannabis. Three other countries have also started the process towards legalization, and a number of others are expected to fully legalize in the next few years, namely:

Germany

Luxembourg

The Netherlands

Spain

Switzerland

On average, 1 in 10 Europeans use cannabis every year. With little legality for recreational cannabis, this high demand has to be met by the illegal market. As a result, yearly illicit cannabis market sales are estimated at around €11 billion (US$13 billion)—representing significant untapped potential.