According to The European Cannabis Report™, 4th Edition Europe is “home to more than 740 million people, a population more than double that of the United States, and Canada combined.” This report by Prohibition Partners also states that “Europe is set to become the world’s largest legal cannabis market over the next five years.”
This could be because, in the last year, the industry in Europe has grown more than it has in the decade prior. In total, six European countries have announced positive cannabis legislation. To top it off, “over €500m has been invested in European cannabis businesses.” According to their exclusive research, this report predicts that the cannabis market in Europe could be worth as much as €123bn by 2028.
Other Conclusions of Interest
The European Cannabis Report, 4th edition is a collaborative effort of the UK based analytics firm Prohibition Partners and Davos World Economic Forum. Aside from the exceptional predictions listed above, there were several other major conclusions of this study and report. Some of them are as follows;
- There are 14 countries in Europe that have legalized the use of medical cannabis. There are however still major issues with access for many patients. This is despite doctors being able to prescribe cannabis since November of 2018 in the U.K.
- The World Health Organization is taking a close look at its position on medical cannabis. Many suspect a major shift in their policies this year.
- The medical cannabis market in Italy, Germany, and the Netherlands alone stands to be worth nearly 18 billion euros by 2028. In 2019, the patient counts in these three countries could grow to 225,000. This is double the current number of patients registered.
With predictions such as this, it seems that North America could very well have a run for their money. This is true even with the Canadian and U.S. markets combined! One thing is for sure and that is we will be paying close attention to the cannabis markets globally in the weeks, months, and years to come.