Cannabis - Jamaica

Jamaica

Jamaica is expected to see its revenue in the Cannabis market reach US$41.32m by 2024.
The revenue is forecasted to demonstrate an annual growth rate (CAGR 2024-2029) of 3.81%, leading to a market volume of US$49.82m by 2029.
When compared globally, the United States is set to generate the highest revenue, projected at US$42.98bn in 2024.
In terms of per person revenues in 2024, US$0.51k is generated in relation to the total population figures.
Jamaica's cannabis market is blossoming with a vibrant culture of Rastafarian influence, offering unique strains and products to entice both locals and tourists.

Key regions: United States, Canada, Netherlands, Germany, Thailand

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Analyst Opinion

Jamaica, known for its vibrant culture and stunning landscapes, has been making waves in the Cannabis market in recent years.

Customer preferences: Customers in Jamaica have shown a growing interest in Cannabis products, particularly those with high-quality strains and unique flavors. The demand for organic and locally sourced products has also been on the rise, reflecting a global trend towards sustainability and natural ingredients.

Trends in the market: One notable trend in the Jamaican Cannabis market is the increasing popularity of medical Cannabis products. With the legalization of medical Cannabis in 2015, more consumers are turning to Cannabis for its potential health benefits. This shift towards medical Cannabis has opened up new opportunities for local producers and retailers to cater to this growing segment of the market.

Local special circumstances: Jamaica holds a special place in the Cannabis world as the birthplace of famous Cannabis strains like Jamaican Lamb's Bread and Jamaican Pearl. This rich heritage has helped position Jamaica as a hub for Cannabis enthusiasts and connoisseurs. Additionally, the country's ideal climate and fertile soil make it conducive to Cannabis cultivation, allowing for the production of high-quality strains sought after both locally and internationally.

Underlying macroeconomic factors: The Jamaican government's efforts to regulate and formalize the Cannabis industry have played a significant role in shaping the market. By implementing licensing programs and quality control measures, the government aims to establish Jamaica as a reputable player in the global Cannabis market. This regulatory framework provides a sense of legitimacy and security for investors and businesses operating in the industry, fostering further growth and development.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.