Australia’s Billion-Dollar Pot We own 14% the marketAustralias medical marijuana business is projected to grow exponentially in the coming years. Right now, its worth about $18.0 million, but analysts estimate that it will balloon to a multi-billion dollar industry within the decade. A new report suggests that Australias legal marijuana sector will rise to $1.2 billion by 2024 and $3.0 billion by 2028. (Source: Australias cannabis industry set to boom: report, news.com.au, October 29, 2018.) ADVERTISEMENT Thats without accounting for the Australian recreational cannabis market, which could be worth up to $8.8 billion annually in a decade if the country passes legislation on the matter sooner rather than later. This news is more important than ever as we experience a marijuana stock market correctionthe markets rebuke for the massive gains seen in August when Constellation Brands, Inc. (NYSE:STZ) made its $4.0-billion investment into the marijuana industry and single-handedly sparked a bull rush. The marijuana stock market, as we all know, is primarily driven by developments in the news. Its why we round up all the biggest movements on a daily basis. With Canadian marijuana legalization now firmly behind us, the industry needs the next big thing to help generate buzz and excitement. Otherwise, the correction could continue for many weeks, or even months. Remember that we saw the exact same thing play out earlier this year. The end of 2017 saw massive stock market gains industry-wide. But those gains came in so fast and heavy that the cannabis sector needed several months of a correction until it found its footing again in August, which, as mentioned above, was another great time for pot stocks. The same could be happening now as we await the next big move in the marijuana industry. And thats what makes Australiaand any other major new marketso important. If any of these countries follow Canada and choose to legalize recreational marijuana, we can expect to see a resurgence in marijuana stock prices. Furthermore, were hearing about a lot of non-marijuana companies sniffing around the pot industry, seeking out potential investment deals that, depending on their sizes, could help reinvigorate the sector. Until either of these events take place, however, we are likely to see a stalledand perhaps even decliningpot stock market. That said, I dont believe that now is the time to flee, as the future of marijuana is still very bright, even if the near term holds a few challenges