With twice as many citizens as the United State and Canada combined, Europe could become the world’s largest legal cannabis market over the next five years if every or most of the continent’s roughly 50 nations introduces legislation and regulations, according to a new report.
The second edition of the European Cannabis Report – produced by London-based advisory group Prohibition Partners – suggests that with 12% of the continent’s 739 million people being either “irregular and intensive” cannabis consumers, Europe’s annual:
• Overall marijuana market will reach 56.2 billion euros ($66.8 billion)
• Potential medical marijuana market will hit 35.7 billion euros ($42.8 billion)
• Potential recreational market value will reach 20.5 billion euros ($24 billion)
• Estimated hemp market will hit 48.9 million euros ($57.2 billion)
This is all without including the ancillary business and secondary market.
The report notes that several European countries have passed medical marijuana legislation in the past couple of years, and there is a “50%” chance a few countries could pass recreational laws in the next few years.
The report offers snapshots of 11 legal MMJ markets in Europe, most notably Germany, whose medical and rec markets will total $14.7 billion euros, or about 26% of the continent’s medical and rec markets. The report also omits at least two medical marijuana markets, Croatia and Macedonia.
Despite strict regulation, the report says “an explosion of public and private companies have appeared on the European scene over the past 12 months. New and existing national and international companies are now operating in Germany, Poland, Portugal and Czech Republic across all segments of the industry.”