Reuters: European Cannabis Market to Hit $450 Million by 2022
Legalization news coverage has rightfully been dominated by Canada lately as the world’s first G7 nation to allow regulated cannabis commerce has made history and boosted reform efforts in the United States and throughout the world. While the Great White North will certainly impact the federal cannabis legalization debate in the U.S., it shouldn’t be ignored that Europe is also watching. With the United Kingdom officially legalizing medical cannabis on November 1st, the UK will be joining EU powerhouse Germany with a robust medical law, to go along with progressive policies that have been enacted in other nations like Spain, Switzerland and the Netherlands.
Reuters, covering the enthusiasm surrounding Danish cannabis firm StenoCare, reported that the medical cannabis market in Europe is set to boom over the coming years:
The European market for medicinal cannabis, forecast to grow from around 100 million euros ($114 million) this year to at least 450 million in 2022, is benefiting from looser legislation in countries like Germany, Britain, Italy and Denmark.
For now, recreational use of the substance, which has prompted interest from companies such as Coca-Cola (KO.N) and Molson Coors (TAP.N) for cannabis-infused drinks in North America, remain prohibited in most of Europe.
Denmark legalized the medicinal use of cannabis from Jan. 1 and is also one of the few European nations to legalize local production. Recreational use is still prohibited even though Copenhagen’s Christiania district is famous for cannabis-selling booths which are rarely targeted by the authorities.
The international marijuana market will certainly have its ups and downs, but adult-use and medical laws around the world provide many opportunities to succeed. To best take advantage of the openings cannabis legalization provides, it is imperative to stay up-to-date on the latest trends and network with top investors, entrepreneurs, and advocates. Join us at the International Cannabis Business Conference at our upcoming events in San Francisco, Barcelona, and Berlin as we bring together top professionals around the world to share ideas and continue the momentum that is legalizing more freedom, jobs, and revenue around the globe.