Is Europe about to become one of the largest cannabis markets in the world?
This concept might be shocking to many of our readers. Recreational cannabis isn’t even legal yet, for starters. But the reality is, that prohibition is likely coming to a slow stop.
In the UK alone, an estimate of 300,000+ individuals wake up every day and take cannabidiol. In 2018, medicinal cannabis became legal throughout the nation. However, the UK is not alone in this movement. Germany, Israel, and Italy are all offering medical marijuana to their citizens. The UN has made statements that products under the legal limit of THC (0.2%) should be distributed freely. They are also calling for the rescheduling of cannabis, allowing for medical access and extensive research of the plant.
The tides of cannabis prohibition certainly seem to be changing, and it is positive. Cannabis use was not restricted throughout the globe until the last century, and before this, it served as a vital source of medicinal and therapeutic benefits. Reducing cannabis restrictions could lead to expungement for non-violent criminals, elimination or reduction of black markets, legal profit from cannabis use, and medicinal research/access. We can recognise that all of these benefits have their appeal, but let’s take a look at the reality of cannabis throughout Europe.
Expansion of Cannabis In Europe
Over the last four years, medicinal cannabis access has multiplied several times over. This exponential growth is set to create an avalanche of cannabis access that directly impacts Europe and sends ripples of cannabis acceptance throughout the world.
So Could Europe Become One Of The World’s Largest Cannabis Markets?
We’re not saying that this will happen overnight. As cannabis legislation expands, it is a good idea to take in the facts and use caution. We need to be careful to consider incoming restrictions that will come with legalization. As we have seen in other countries, and individual states in the US, it takes time for the cannabis industries to establish themselves in the face of complicated regulations.
With that being said, let’s dive into some of the best data available to us regarding cannabis expansion. We will be referencing Prohibition Partner’s European Cannabis Market Research Reports. Prohibition Partners are one of the world’s leaders in providing insight into the growing cannabis market.
Europe has a population of 742 million, making the potential European cannabis market size the largest in the globe. That’s tremendous when compared to the US and Canada’s combined population of 366 million. Total healthcare expenditure in Europe comes to a total of €2.3 trillion. Even before recreational cannabis is considered, we are looking at an enormous potential profit. Germany, Denmark, Israel, and Italy are offering full medical coverage for cannabis medicines, making access easy.
The medicinal value of cannabis in Europe is projected to be €55 billion by 2028. Recreational values could hit as high as €60 billion in the same time frame. For those who are sceptical, you may want to consider that Italy, Greece, Malta, and Germany are all investigating full cannabis legalisation. Full legalisation will create huge revenue, increase job access, reduce expenditure on the war on drugs, and provide easier access to medicinal research. Comprehensive legislation could represent a full value of €115 billion in 2028.
Honing in on the UK
The UK is a potent choice for cannabis legalization. Why?
Because in the last few years, the black market has been serving 255 tonnes of cannabis to an estimated 3.6 million users. This size market has a value of about €2.5 billion, a veritable gold mine. Sure this is happening illegally, but many of the cannabis users are positive members of society. Some of them are patients in need who are medicating with this valuable plant.
CBD acceptance is at an all-time high, with an estimated one in five individuals who have tried it. Cannabis containing THC is no different; it merely has a different effect profile. Many people still maintain stigma against THC, and it’s intoxicating potential. What many users and non-users do not realize is that careful titration programs can provide the health benefits of THC without creating an obstructive high. In short, THC containing medicine can be used without recreational effect if so desired.
Medical cannabis has just barely been introduced, beginning in the fall of 2018. When two famous cases of childhood seizures became known to the public, THC-containing cannabis medication finally won out over the heavy stigma it has carried for years. To read more about these children, and the ensuing medical legislation feel free to read our article explicitly discussing the topic.
The reports predict that the medical cannabis UK market will have a value of €8.8 billion by 2028. The recreational market will be worth €9.6 billion, and the industrial hemp industry will reach €28.9 million. This estimation results in a total projected profit of €18.5 billion. This is not a number to be taken lightly.
If this information encourages you to make investments, do take note of the cautions mentioned above. Restrictions, regulations, and general stigma all have the potential to slow this process down. However, with the advent of medicinal cannabis, and several sovereign nations already taking action towards recreational use, it is within reason that these predictions will become a reality; aiding the growth of one of the largest cannabis markets in the world.
Cannabis Stigma and Human Health
The end goal of all of this legalization is an improvement in the quality of life. Dropping restrictions will bring about more research and greater access to cannabis medicine. Recreational access can reduce the use of more dangerous substance abuse. Even the CBD oil effects without THC have helped individuals switch from traditional pharmaceuticals, and reduced their use of alcohol and tobacco. Imagine what a broad-spectrum of cannabis products and medicinals could do for human health.
We are not downplaying the law. We will always proceed respectfully. Our CBD oil for sale features under the legal limit of 0.3% THC content, and we have the lab test results to prove it. At CBD Guru, the goal remains to improve lives by supporting health and wellness with pure CBD oil, while working peacefully within the national and global communities.