Medical cannabis in France is still in the earliest stages, with access restricted to a few thousand patients enrolled in a recently extended trial phase.
But operators and investors are already eagerly anticipating the opportunities promised by a French medical cannabis market that, eventually, will more closely resemble the branded products available in the United Kingdom. That’s the next step, it’s hoped, toward replicating the adult-use cannabis legalization experiment still unfolding in Germany.
And both American and Canadian operators and investors are taking notice.
The enthusiasm and the potential were on full display during Cannabis Europa at the historic Hôtel de l’Industrie in Paris last Thursday.
“We’ve moved from the perception of, ‘Is medical cannabis legitimate?’ all the way through to actually getting medical cannabis into the hands of patients,” Stephen Murphy, co-founder and CEO of conference organizers Prohibition Partners, said during opening remarks.
“France is probably, in my mind, one of the most important European conversations taking place this year.”
Medical cannabis’ big advances in Europe
And with French authorities presenting the first draft of a healthcare reimbursement framework for cannabis the night before – setting the rates that cannabis companies can expect to receive from the government in exchange for providing products to patients – the timing was auspicious.
Exactly when French patients might be able to enjoy widespread cannabis access at pharmacies through the country’s nationalized healthcare system is still unclear. And there are significant limitations.
These include a prohibition on smokable cannabis flower as well as a THC limit. Critics say this will persuade current illicit-market users to stay away from regulated access and ultimately depress the market’s potential.
Still, Canadian companies have begun exporting products to France. And with a national cannabis framework still to be developed in the United States, American companies and investors are also turning toward Europe as the next big opportunity.
European cannabis has advanced past emergence stage
In addition to American (and Canadian)-born cultivators active in Portugal, one of the European hotspots for cultivation operations, MJBizDaily spotted representatives from two major California brands: Joseph Rutherford, a renowned breeder and founder of genetics and branding house Champelli, and Josh Schmidt, vice president of business development at Sacramento, Calif.-headquartered Natura – a licensed distributor, cultivator and manufacturer – and the founder of premium consumables brand Sluggers Hit.
The vibe at Cannabis Europa “felt materially different from conferences even two years ago,” Schmidt told MJBizDaily.
“The conversations were much less speculative and much more operational,” he added. Companies on both sides of the Atlantic are concerned with details, including compliance, good manufacturing practices and distribution frameworks – that is, how to generate product and get it in the hands of patients.
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“Europe isn’t emerging anymore,” Schmidt added. “It’s structuring.”
Of course, with structured opportunity comes complications – and competition. Already, some Portugal-based cultivators said they’re feeling pressure as Canadian companies eagerly export excess product to the EU.
That’s to be expected – now, and into the future, when cannabis companies are global players. Said Schmidt: “The operators who understand cross-border compliance and partnership models will win.”
Chris Roberts can be reached at chris.roberts@mjbizdaily.com.
