Report: German Medical Cannabis Market to Hit $5 Billion
When the International Cannabis Business Conference (ICBC) was founded just over four years ago, it was impossible to predict how the global marijuana reform movement would succeed. Fast forward four years and it is easy to see the success that advocates and entrepreneurs have made around the world.
Just over the past month, positive cannabis news has been coming in rapidly, some developments making major headlines, while others flying a bit under the radar. Canada legalizes for all adults. Medical marijuana goes legal in the UK. Poland approves medical cannabis imports. Cannabis-based medicine available by prescription for the first time in the United States. Lithuania approves medical cannabis program. Mexico’s Supreme Court rule cannabis prohibition unconstitutional.
The good news is likely to continue, starting with more states in the U.S. voting for adult-use and medical programs in the U.S. on November 6th. The Bank of Montreal sees a bright future ahead, including the continued growth of Germany’s medical cannabis program, in a report by their financial analysts Tamy Chen and Peter Sklar, as the Financial Post reported:
Chen and Sklar forecast that in Germany alone — a country with a population of 82 million people two which Canadian producers such as Aurora Cannabis and Canopy Growth Corp. are already exporting — the medical marijuana market could potentially produce more than $5 billion in revenue for global cannabis producers.
There are currently 30,000 medical patients in Germany and an annual legal consumption of 7,200 kilograms. The BMO report arrives at the $5 billion figure primarily based on an assumption that in seven years, 7.5 per cent of sleep, anxiety and pain prescriptions in Germany will be replaced with medical cannabis, opening up the medical pot market to roughly 26 per cent of the overall population.
“Although prices are currently higher, we are projecting that in seven years, more supply will reduce the average wholesale prices to seven euros per gram,” Chen and Sklar wrote.
Germany has been making steady progress moving cannabis mainstream, something that has been obvious at the past two ICBC events in Berlin. The number of patients have drastically increased, the optimism is palpable, and the European Union powerhouse is about to expand into domestic cannabis production, a development that will create jobs, generate revenue, and influence other nations in the EU. The ICBC will check back in on Berlin and will join the effort to continue the momentum on March 31st thru April 2nd for another important, historic event. Join us and be apart of the global cannabis revolution.
Before heading back to Berlin, the ICBC will be traveling to San Francisco on February 7-8, and Barcelona on March 14th, with a special event with Spannabis. Stay tuned for more exciting cannabis-friendly destinations as we continue our march to legalize more freedom nation by nation.
