Exclusive data released by the Prohibition Partner from the UK’s National Health Service (NHS) shows that the number of unlicensed distribution of medical cannabis products in the UK will increase by 425% by 2021.
This rapid growth means the UK market could account for around a quarter of the European medical cannabis market by 2026, or €544 million.
In Germany, the largest medical cannabis market in Europe, the market continues to grow steadily into 2021, with a 43% increase in medical cannabis sales to pharmacies. More than 100 varieties of medical cannabis flowers are now also available to patients in Germany.
As of March 2022, 15 countries in Europe allow commercial production of medical cannabis.
Further progressive legislation, liberalization and growth of the cannabis industry that is prevalent in Europe over the next 5 years will combine to continuously improve patient access to medical cannabis and driving the exponential growth of the market.
The story that is attracting the most international attention and attracting investors from North America, is the upcoming liberalization of cannabis for adult use in Europe.
Germany’s ruling coalition has promised to fully legalize and commercialize adult cannabis for (recreational) use in this legislative term, and the sale of legal cannabis to adults will begin in Switzerland. at the end of 2022, followed by in the Netherlands in the third quarter of 2023.
Prohibition Partners predicts that cannabis sales for adult use in Europe could reach €1.5 billion by 2026, but this forecast is contingent on rapid progress and full implementation of the legalization. Legalized for adult use in Germany.
Liberalizing cannabis for adult use in Europe could free millions from needless criminalization and provide a much-needed economic boost as we emerge from the COVID-19 pandemic. The impending legalization of cannabis for adult use in Germany, the Netherlands and Switzerland offers the first glimpse of this socioeconomic opportunity.
Source: Medindia
