Europe Set to Be the Biggest Cannabis Market in 5 years
Any observer of the global cannabis industry can see that Europe has been making tremendous progress implementing sensible marijuana policies over the past few years. While challenges remain, particularly with reconciling bureaucratic hurdles with the European Union and other global agencies, nations are joining the worldwide cannabis revolution, whether making news in economic powerhouses like Germany or flying under the radar a bit in Spain, Switzerland, and smaller nations like Luxembourg. The International Cannabis Business Conference will be focusing on this amazing progress and future potential with a European swing over the next few months. With a gross domestic product that rivals the United States, Europe is poised to become the biggest cannabis market within the next five years according to a new economic report, as covered by Consultancy.eu:
More than €500 million has been invested in the cannabis industry to date, and six countries have announced new legislation regarding the growth, sale, or consumption of cannabis. France, the UK, and Spain are reviewing current legislation, while Germany, Italy, and the Netherlands – countries considered industry leaders – are focusing on expanding existing medical programmes. The market is primed and ready for harvest – one that could be worth as much as €123 billion by 2028, say researchers at Prohibition Partners in a report titled ‘The European Cannabis Report’.
“With a market of 742 million people and total healthcare spend of €2.3 trillion, Europe will be the largest medical cannabis market in the world,” the report states. The market could be worth as much as €58 billion once proper legislation and infrastructure is in place in all markets. Insurance companies in Israel, Germany, Denmark, and Italy are now covering medical cannabis prescriptions, forecasting that in the near future “fulfilling medical cannabis prescriptions will become a basic requirement of any public healthcare policy.”
“By 2028, we estimate the European recreational cannabis market will be worth €65 billion. New products, distribution, and supply channels have further advanced cannabis consumption and presence throughout Europe over the last 10 years,” the report states.
As Canada has gotten a huge head start in the global cannabis industry, European actors know that they have to catch up, especially with other nations like Israel taking notice, and the United States as a looming giant that could awaken within the next few years. Knowing the need to move quickly, we can expect cannabis advocates and industry participants to help usher in positive advances nation by nation, across the continent. Of course, more hurdles and challenges will arise, but it appears that the future of the Europan cannabis industry is very bright.