July 27, 2018
European legal cannabis market expected to exceed 115 BILLION by 2028
By 2028, the European cannabis market will be worth €115.7 billion, according to market intelligence and strategic consultancy firm, Prohibition Partners. The findings come from The 3rd Edition of The European Cannabis Report™, a new report calculating the potential value of a fully legal cannabis market across 28 key countries in Europe.
“Public, political and professional opinions are swinging largely in favour of the legalisation and regulation of cannabis. Europe, which is known for it’s considered and conservative approach to change, is suddenly becoming a hotbed of activity for the global cannabis industry. In just six months, the European cannabis industry has grown more than it has done in the past six years. Currently, patient numbers are below 100,000 across the region but this number is set to grow to over 30 million in the next ten years. As medical cannabis has the ability to treat well over 52 conditions, this is quickly becoming the most important healthcare development of the past 20 years. Europe is gearing up to experience a ‘Green Rush’ of economic growth, with cannabis set to become the dot-com boom of the early 21st Century
— Stephen Murphy, Managing Director of Prohibition Partners.
The economic impact of the cannabis market is undeniable. Looking across the Atlantic, Canada has seen the incredible social, economic and health benefits of a regulated cannabis market. Legal cannabis markets have experienced 40% year on year growth, becoming the fastest growing market for entrepreneurs, investors and job-seekers. With the Canadian market expected to outsell wine by 2020 ($7 billion CAD), legal cannabis will disrupt the huge pharmaceutical, healthcare, alcohol and wellness categories in Europe. As European countries continue to consider reform, data and intelligence will fuel the growth of the legal cannabis industry. Europe is expected to become the world’s largest cannabis market by 2028, but investors, regulators and legislators will need to examine the market nuances and legislative framework that will shape each industry in order to succeed in the industry.
The report examines the key legislation, regulatory bodies and healthcare organisations that will determine the size and scope of the European cannabis industry, which is set to explode over the next ten years, as the vast majority of European countries are expected to legalise both medical cannabis legislation and recreational cannabis regulations.
Key findings from the report:
- In 2018, over six new countries have announced legalisation, patient numbers have grown by 40% month on month and over €150m has been invested in the European cannabis industry.
- Some form of medical cannabis (or cannabis-based medicine) is now legal in 22 countries in the region, with a further 12 countries decriminalising the recreational use of personal amounts of cannabis.
- By 2028, the vast majority of European states will pass legislation legalising medical cannabis programmes and recreational cannabis markets.
- With a market of over 742 million people and a combined GDP of €15.3 trillion for the EU in 2017. By 2028, Europe will become the largest cannabis market in the world valued at €115.7 billion.
- While the current recreational cannabis market is worth over €30 billion, by 2028, the medical cannabis market will be valued at €55+ billion and the recreational cannabis market will be worth €60+ billion across both primary and secondary services to the cannabis industry, assuming that all European countries have legalised medical cannabis and recreational cannabis by 2023.
- For international cannabis companies, Europe will be one of the most difficult markets to enter due to the strict regulatory framework, complex licensing and trading requirements and cultural and societal nuances around cannabis consumption.
The 3rd Edition of the European Cannabis Report™ includes detailed market value forecasts, regulatory timeline analysis, consumption data and healthcare analyses for 28 key markets.
You can view all the social media assets here. The report was published on 11/07/2018, and can also be downloaded below.