Article: UK Cannabis Industry – the next Scottish Whisky

Article: UK Cannabis Industry – the next Scottish Whisky
CANNANNEW REPORT

Nick Morland, Tenacious Labs CEO, All-Party Parliamentary Group for CBD Products Secretariat, Jersey Cannabis Services Advisory Board Chair, writes about the UK Cannabis Industry – could this be the next Scottish Whisky? Now is a time-sensitive one-off opportunity for post-Brexit UK to dominate the premium segment of a valuable new worldwide industry if the right legislation can be agreed upon and implemented. The Cannabis Industry The Cannabis Sativa plant provides a range of products quite apart from recreational use – including high protein biomass for less flatulent cows and carbon credits, moisturiser for gardeners’ stiff hands and arthritic dogs, natural alternatives for nausea, pain, sleep and anxiety and medical possibilities around MS and epilepsy. Consumers have already recognised this and are buying a lot of Cannabis products, with the industry’s worldwide turnover today circa £20 billion, expected to reach £69 billion in 2026 with long-term growth of more than 6% per annum from then. Foundations to build on The UK Cannabis Industry can look to two benchmarks – firstly the UK’s world-leading Scottish Whisky, and secondly Colorado, the most advanced of the 33 U.S. states that are fully legalised. Whisky’s worldwide turnover is £69 billion as of 2021 and the UK’s share of this is £5.5 billion. UK Whisky supports 42,000 permanent high-value jobs, the vast majority in rural areas and often employing people who prefer not to move away from hometowns or continue into higher education. Colorado with a population of only 6 million has a Cannabis turnover of £2 billion with tax of £330 million per annum, and created more than 38,000 jobs (and this before inevitable U.S. Federal legalisation). A simple extrapolation to the UK’s 67 million population suggests an annual turnover of £22 billion, with £3.7 billion of tax and 428,000 jobs. Before exports. Work in progress The UK Cannabis Industry is responding to…

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