A €3.2bn Opportunity: Could Cannabis be the Key to Unlocking Economic Growth in Europe?

eurpa

A host of European politicians, investors and influential business leaders will descend on London this November for a summit that will explore the social and economic opportunities posed by the legal cannabis industry in Europe. Europe currently boasts one of the most promising emerging cannabis markets globally, with huge forecasted potential. Prohibition Partners predicts that the legal cannabis market in Europe will be worth €3.2 billion by 2025. This, in turn, could lead to the creation of thousands of jobs, and millions in much-needed tax revenues, as countries across the continent look at viable opportunities to stimulate their post-pandemic economic recovery. Turning Over a New Leaf Last year was a pivotal year for European medical cannabis patients and legal cannabis industry insiders alike. In November 2020, the United Nations voted to recognise the medical potential of cannabis by removing it from Category IV of the Single Convention on Narcotic Drugs. Despite regulatory delays, patient access to medical cannabis progressed across the continent. Findings outlined in The European Cannabis Report: 6th Edition estimates that over 60,000 people were able to access cannabis medications for the first time in Europe during 2020, bringing the total number of medical cannabis patients in Europe to 185,000 for the year. Germany represents the largest and the most profitable medical cannabis market in Europe. Market intelligence firm Prohibition Partners has estimated over 128,000 patients receive medical cannabis in Germany annually. Insurance companies reimbursed around 60% of medical cannabis prescriptions in 2019. Chronic pain is currently the most commonly cited reason for doctors to prescribe medical cannabis in Europe. Other conditions that European patients are currently receiving a medical cannabis prescription for include: spasticity, anxiety, PTSD, and eating disorders like anorexia. Globally, cannabis is one of the fastest-growing industries on the planet. 2021 is set to be…

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