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Cannabis Europe: UK market could grow by more than 1000 million pounds by 2026

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An analysis by Prohibition Partners shows that the UK market could grow by over £1000 million by 2026, as London prepares to host one of Europe's leading industry conferences, the cannabis europe. The event takes place next Tuesday and Wednesday at Old Billingsgate, London.

Industry leaders who will gather for next week's 'Cannabis Web Summit' in London are urging the government to embrace the industry, as a recent study by Prohibition Partners, which promotes the Cannabis Europe conference, shows that the UK cannabis market could be worth over 1000 million Pounds in the UK by 2026.

The analysis highlights how the UK's inability to embrace the industry, for both medical and recreational purposes, can come at a significant economic cost. Various surveys indicate that the UK medical cannabis market could be worth over £453m by 2026, nearly a quarter of the total European market at the time. Furthermore, if the UK fully legalizes cannabis this year – with sales for recreational use starting as early as 2024 – the sector could be worth over £627m by 2026, taking the total market size to over £1000 million in the UK alone. United.

This growth could see the cannabis industry play a significant role in boosting economic growth in the UK, both through significant levels of foreign direct investment and through job creation across the country, supporting the ambitions of “ Leveling Up” by the British government.

The news comes as Prohibition Partners prepares to host Cannabis Europa, one of the biggest cannabis conferences, taking place in London from the 28th to the 29th of June. More than 1.500 delegates from over 25 countries are expected to participate. The conference – with delegates such as rapper Big Narstie and Snoop Dogg's Venture Capital fund – will bring together activists, academics and industry advocates to talk about the growth of Europe's medicinal and recreational markets and the investment opportunities associated with these growing industries. .

According to Stephen Murphy, CEO and co-founder of Prohibition Partners, “The genie is out of the bottle with the cannabis industry – North America has embraced it and Europe is starting. The sector has shown that it can offer high levels of investment, economic growth and jobs to economies that adopt it. The UK needs to ensure it is not left behind as investors turn to Europe as the cannabis industry's next frontier. At a time when the UK urgently needs similar economic boosts, going green and supporting cannabis will pay off for the UK economy.”

Many European countries – such as Germany, Denmark and Portugal – are already making profits from the industry and reaping the economic benefits. In 2021, around £500m of capital assets were held in Europe by just a few of the largest US companies, representing a large injection of significant foreign direct investment into the sector.

The medical and recreational sectors are also poised for a “green gold rush” across Europe, worth up to €3,2 billion by 2026 if legalization of adult use progresses in Germany, as predicted by Prohibition Partners’ analyses.

Several steps are needed for the UK to fully unlock the cannabis industry, including allowing cannabis-based medicines to be prescribed by NHS doctors and covered by public health insurance, as well as reforming the regulation of cannabis for adult use. , according to advances made in some countries such as Germany. The Cannabis Europe conference will also explore how these regulatory and legislative barriers can be overcome, to unlock the benefits of the UK cannabis industry.

Evidence from North America shows that legalizing cannabis can bring enormous benefits to a country's economy. Since Canada legalized recreational cannabis in 2018, the industry has contributed $43,5 billion to the country's GDP, creating 98 jobs.

 

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[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages ​​using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]

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