More and more cannabis markets in Europe are opening up and the new, limited medicinal market in the United Kingdom has established companies investing in the UK, looking forward to the day that the medical market becomes an adult-use one. Change can sometimes happen slow and it takes a lot of hard work by activists to get the ball rolling, but momentum can be a powerful force, and once a few milestones are met, then reforms can occur rather quickly.
In the United States, about 60 years of prohibition got upended when California legalized medical use in 1996 and the movement got a shot in the arm when the first states legalized in 2014. The experience of Uruguay and Canada have been huge for the international cannabis community and Europe is certainly no different as each medical program passed by one country as influenced the next nation, getting everyone closer to legal cannabis across the continent, and then the globe.
As The Telegraph reports, cannabis companies are betting big that change will come to the UK soon:
Foreign cannabis companies are setting up in the UK in the hope the drug will be legalised for recreational as well as medicinal use, The Daily Telegraph has learned.
Although the Government has repeatedly stated that it has no intention of legalising cannabis for recreational use, many believe laws will eventually be relaxed, opening a lucrative new market for international cannabis companies.
North American firms are selling medicinal cannabis, which was legalised in November, and CBD cannabis oil, which is legal because it does not contain the psychoactive substance in cannabis, THC.
Politics and activism can be tricky and there can always be setbacks, but the global movement to end cannabis prohibition has racked up success after success, that it makes sense that companies are striking while the iron is hot and making business decisions based upon markets expanding and growing. With $15 billion in sales across the world expected in 2019 and analysts projecting bigger revenue numbers in the years to come, the future certainly looks bright.
To learn the latest about the cannabis industry and to network with top investors and entrepreneurs, the International Cannabis Business Conference is the place to be. Next up: Vancouver, Canada, this September 15-16. Secure your spot and save by purchasing early bird tickets by August 21st.