Prohibition Partners, a UK-based consultancy group, released its European Cannabis Report this month. The report was funded by ABcann (Germany), Elite Healthcare Distribution (United Kingdom), and CannTech (Israel).
The report states: “We believe the European medical cannabis market will be valued at almost €50b once all markets have implemented legislation and market infrastructure. This does not include revenue that will be generated from the additional secondary market and ancillary services. EIHA, Nova-Institute and HempConsult estimate that the European market for CBD as a pharmaceutical product is already worth €2b alone.”
The report also says, “Early research has shown that patients not only outnumber but also outspend recreational users in legal markets. This will clearly make the European medical cannabis market a key target for pharmaceutical companies over the next 5-10 years.”
Industrial hemp cultivation is also quickly developing throughout Europe. In 2016, European hemp cultivation increased 32%. France produces nearly 50% of the entire hemp production taking place in Europe.
Europe is very similar to the U.S. when it comes to individual states making their own rules regarding marijuana. The European Union has taken a similar approach by letting the countries decide for themselves.
The report says, “The past six months has seen the launch of the first legal and regulated medical cannabis market in Europe with Germany taking the lead . . . Europe will become a hotbed for new market development with new legislative bills on medical cannabis currently being prepared for local parliament in at least five separate European countries.”
In March, Germany became Europe’s largest marijuana market with the implementation of new legislation and 10 production licenses.