Every indexed document

we forecast the U.S. legal cannabis market to

we believe that the international legal cannabis

we analyzed a country’s per capita average

these and other factors affecting market size vary considerably across continents

the primary factors for our international legal cannabis

estimated at $1.5 billion in 2017. We anticipate that Canada

cannabis is the most widely consumed drug worldwide: an estimated 183 million

we believe these levels will be reached after the federal government legalizes cannabis.

with more than 50 million consumers. As shown in the following

we believe that the U.S. legalized cannabis market will

moderate and heavy) to each age group of

we believe penetration rates may ultimately be as high as (or

we expect U.S. penetration rates to increase as states implement new

penetration rates are impacted by the widely varying

with the 21–29 age group having the highest and the 70+ age group having the

we view the potential pool of eligible consumers to be virtually the entire U.S. adult

(ii) development (5) follows two years thereafter and (iii) development (6) occurs by 2027 and

but we believe that there is a reasonable chance development (4) could begin within

or all at once) and will be fully legal for medical and recreational purposes. (We expand

our methodology for forecasting the U.S. legalized