European legal cannabis market expected to exceed 115 BILLION by 2028

Eoin Keenan, Content Director, Prohibition Partners

“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:

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.

FOR A 2020 UPDATE ON THE EUROPEAN CANNABIS SECTOR, DOWNLOAD THE EUROPEAN CANNABIS REPORT: 5TH EDITION, HERE.