Prohibition Partners provides the following Executive Summary.
“In Europe and across the world 2020 was a huge year for cannabis. The final quarter of 2020 saw several important developments internationally in the liberalization of cannabis. November 2020 saw the passing of cannabis legalization ballot measures in six US states. In the same month, the European Court of Justice ruled that CBD is not to be considered a narcotic substance under EU law. Weeks later, the UN finally recognized the medical potential of cannabis by removing the plant and its derivatives from Schedule IV of the Single Convention on Narcotic Drugs. This was followed swiftly by the historic approval of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act by the US House of Representatives which would federally decriminalize cannabis.
Already, 2021 has brought good tidings for cannabis globally. In January 2021, the Democrats won majority control of the US senate and therefore the full House, paving the way for potential federal decriminalization. This will massively progress the normalization of cannabis legality in Europe and elsewhere. February saw the largest acquisition in the history of the cannabis industry, with the purchase of the British company, GW Pharmaceuticals, by Ireland-based Jazz Pharmaceuticals for just under 6b euro. This was followed in March by the acquisition of EMMAC by US-based Curaleaf for 242m euro, representing a huge vote of confidence in the European cannabis markets.”
And the Prohibition Partners Executive Summary continues:
“The European cannabis supply chain underwent substantial change during 2020…. The increasing import of cannabis into the main market of Germany means that it is very likely that the European supply of cannabis has begun to diversify away from the historic duopoly of the Netherlands and Canada, with the arrival of producers from regions like Israel and Uruguay.”
This European Cannabis Report: 6th Edition examines:
- The European cannabis market will be worth €403.4 million by the end of 2021. We expect the market to grow with a CAGR of 67.4% from 2021 to reach €3.2 billion by 2025.
- By the end of the forecast period, we expect several nations to introduce legal access to adult-use cannabis including Netherlands, Switzerland, Germany and others. We estimate these sales could be worth over €500 million by 2025.
- We predict Germany will constitute over half of the European market until 2024 and will be worth over €840 million by the end of the forecast period. By 2025, large countries like France and the UK will have developed their patient access considerably and will represent a significant share of the European market.
Feel free to contact our CEO & Director Rikke V. Stoltz directly for additional information on findings and developments within our European CBD vertical of the cannabis industry.
You may also enjoy signing up for our newsletter.