Which Country Has The Best Weed - T-Tees - Your Answers Await, Life's Questions Unraveled

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In this article, we are going to discuss the top 20 weed smoking countries in the world. You can skip our detailed analysis of the global cannabis industry, the largest cannabis company in the world, and the issues faced by the cannabis industry in America, and go directly to Top 5 Weed Smoking Countries in the World.

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The history of the cannabis industry is riddled with changes and conflicting legislation. The international media has played an important role in shifting perspectives about marijuana and drug use. Today, we are watching the slow and steady change of mainstream opinion to consider cannabis one of the more harmless – and probably even potentially beneficial – drugs still considered largely illegal. As perspectives change, we can expect the laws to eventually follow suit.

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Global Cannabis Industry:

According to Fortune Business Insights, the global cannabis market was valued at $47.32 billion in 2022, and is projected to grow from $57.18 billion in 2023 to $444.34 billion by 2030, growing at an incredible CAGR of 34% during the forecast period.

Marijuana legalization is gaining momentum around the globe, driven primarily by the increasing recognition that the product may have a range of legitimate medicinal benefits and therapeutic applications. It is the most widely cultivated, trafficked, and consumed drug worldwide.

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Largest Cannabis Company in the World:

Curleaf Holdings (OTC:CURLF) is the Biggest Marijuana Company in the World. The company is an industry leader pioneering the cultivation, production, and sale of cannabis in the United States. Curaleaf Holdings (OTC:CURLF) offers a range of products for adult and medical use, including flowers, joints, topicals, vaporizer pens, and edibles. For the fiscal year 2022, the company reportedly grew its revenue by 12% compared to 2021. In the second quarter of 2023, Curaleaf Holdings (OTC:CURLF)’s total revenue was a record $338.6 million, an increase of 1% from $336.5 million in Q1 of 2023, and an increase of 4% from $327 million in the second quarter of 2022.

Issues Faced by the Cannabis Industry:

One of the biggest issues faced by the American cannabis industry is federal illegality, which makes the cost of doing business for weed companies higher than any other business. Due to the difference in federal and state marijuana laws, cannabis companies cannot receive traditional banking or loans. They also don’t have bankruptcy protections like traditional businesses so when these companies falter, receivership is one of their few options. Similarly, insurance comes with sky-high costs as well.

Another big barrier to making money is the enormous amount of taxes weed companies pay because they’re treated like illegal narcotics traffickers under the federal tax code. The goods also cannot cross state lines, and that lack of interstate commerce means companies must build separate farms, factories, and stores in each state where they do business and navigate a rapidly evolving patchwork of state regulations.

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Lastly, the constantly narrowing gap between supply and demand has caused prices to nosedive. Retail and wholesale prices have also fallen as competition with the black market puts pressure on legal retailers to keep prices low. The retail price of a gram of marijuana dropped 13% to $9.43 in Q3 of 2022 from $10.83 in the same period the previous year – the steepest fall ever seen for marijuana in a 1-year period.

One of the companies that has faced the brunt of these issues is Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM), a maker of hydroponic plant growing supplies and equipment. Stock price of Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM) has plunged a staggering 60% since September 2022 after the company reported a loss of over $285 million in its last financial year. When a company doesn’t make profit, we’d generally still expect to see good revenue growth, but Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM) also saw its revenue fall by 28%. Stocks of HYFM were held by 5 out of 910 hedge funds in the Insider Monkey database at the end of Q2, with Millennium Management holding the largest stake of 1.08 million shares, valued at $846,572.

Similarly, the Ontario-based Canopy Growth Corporation (NASDAQ:CGC) was the largest cannabis company in the world in April 2019, but the stock price of the company has fallen by nearly 60% since the beginning of the year. The market cap of the company has slumped from nearly $19 billion in 2021 to $701.87 million today. Shares of Canopy Growth Corporation (NASDAQ:CGC) dropped by 40% on the 14th of July after the company announced it was issuing new shares to reduce its debt load, just one day before a key debt maturity.

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On the 18th of September, Canopy Growth Corporation (NASDAQ:CGC) announced that it had entered into subscription agreements with certain institutional investors in a private placement offering of 22,929,468 units, at a price per unit of $1.09, for aggregate gross proceeds of approximately $25 million. The investors also hold an over-allotment option to acquire up to an additional 22,929,468 units, at a price per unit of US$1.09, for aggregate gross proceeds of $25 million, at the discretion of the investors at any time on or before November 2nd 2023. The purpose of the offering is to provide the company with additional liquidity of up to $50 million to further strengthen Canopy Growth’s financial position, and is expected to be used for working capital and other general corporate purposes.

With that said, here are Top Weed Smoking Countries.