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The potential of the global cannabis industry is so vast that it could eventually make the sky-high valuations of some Canadian licensed producers look like bargains, according to a new report from Bank of Montreal.

In the report, the bank’s cannabis sector analysts, Tamy Chen and Peter Sklar, sought to determine just how big the total addressable market Canadian producers will be competing for in the coming years, one that doesn’t stop at Canada’s borders.



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Assuming a blue-sky scenario in which the U.S. and all 28 countries in the EU legalize marijuana for both recreational and medical use — and in which Latin America allows the medical use of cannabis — they project that in seven years the market could reach $194 billion,a number that significantly dwarfs the $5.9 billion in potential revenue they anticipate will be generated by the Canadian medical and recreational markets.