The European cannabis market experienced three major developments during the first two weeks of February. Just one of these milestones would be rather significant, but combined together, and with so many previous advancements, they further demonstrate the strong momentum that the European industry has as positive reforms sweep across the continent.
The World Health Organization and the European Parliament delivered positive scientific and political news and then the first shipment of bulk medical cannabis into the United Kingdom added a new business advancement to the burgeoning, but rapidly growing industry. All of these advances, and more, will have industry investors and entrepreneurs flocking to International Cannabis Business Conference events in Barcelona, Berlin, and Zurich in the coming months.
Marijuana Business Daily covered the first cannabis imports into the U.K., which were shipped out of the Office of Medical Cannabis of the Netherlands:
The development of the United Kingdom’s nascent medical cannabis market is expected to be one of the biggest stories in international cannabis markets in 2019.
Specially trained doctors have been able to legally issue prescriptions for cannabis-based medicines in the United Kingdom only since Nov. 1, and supply and doctor awareness are two of the main hurdles.
The country is expected to rely on imports to supply “unlicensed” cannabis-derived products from the Netherlands and Canada for some time.
Bloomberg noted that Europe’s publicly traded cannabis industry “is proving more lucrative than initially expected” and Profit Confidential reported last Friday, that the news out of Europe boosted cannabis stocks and are adding to a more long-term foundation for the market:
The opening of the market in Europe is without a doubt fantastic news and comes right on the heels of two other big international wins: the World Health Organization (WHO) recommending that the drug be rescheduled as less harmful, and the EU passing a resolution to encourage marijuana legalization across its member states.
Both moves are going to have long-lasting effects on the marijuana industry when they do come to fruition, which, in my mind, is all but a certainty. As is always the case in the pot industry, we have to play the waiting game.
Europe continues on its journey toward a more open market for legal marijuana, while the pot stock market rallied today, seeing gains across the board.
The cannabis industry has faced ups and downs across various legal and quasi-legal markets over the years, and Europe will be no different. However, with European nations moving forward with positive reforms and industry investors, entrepreneurs, and analysts clearly seeing the potential, the future of the international cannabis industry is certainly bright.