As cannabis grows more popular worldwide, European countries can expect to reap the benefits
According to a new research report, 2019 will be a “transformative” year for the European cannabis market. Prohibition Partners, a research firm based in the United Kingdom, just released the fourth edition of “The European Cannabis Report.” It predicts that, within five years, Europe will be the world’s largest legal cannabis market.
Europe is made up of 44 nations with a total population of 740 million. Currently, 14 of the European nations allow the use of medical cannabis. The report states that Germany, Italy and the Netherlands alone may see a huge boom in their medical cannabis markets, possibly expanding to 18 billion euros in the next decade. In November, England also opened the door for legal medical use, which will only increase that figure.
The European Monitoring Centre for Drugs and Drug Addiction estimates that 1 percent of the population are regular cannabis users. More telling is the statistic that one in eight young people have used cannabis in the past year. While great strides have been made in Europe as far as legalizing the use of medical cannabis, bear in mind recreational use is not fully legal in any European country. But personal use has been decriminalized in many of them. You’re pretty much safe in the Netherlands Spain, Portugal, Italy, Ireland, Slovenia, Croatia, Bulgaria, Latvia, Belgium and the Czech Republic. But you’ll encounter harsh laws in Greece, Cyprus, Hungary, Sweden and Finland, which could result in jail time.
As cannabis grows more popular worldwide, the economies of European countries can expect to reap the benefits. Prohibition Partners estimates that five hundred million euros have already been invested in the cannabis industry. It’s a streaking marketplace that will approach 130 billion euros by 2028 when factoring in the total production of the countries that have legalized cannabis.
Don’t forget to watch our in-depth interview with Greenhouse Coffeeshops CEO Joachim Helms in our latest Special Report!