Europe: The World’s Biggest Cannabis Market

Reasons for Growth of Cannabis Market in Europe

Many business analysts expect the market for cannabis in Europe to have a domino effect. This is because of the growing demand for end products. These end products involve a variety of industries, including cosmetics, pharmaceuticals, nutraceuticals, personal care, and others focused on medical applications of cannabis.

One major boost in the cannabis industry in Europe is legislation. Clear and decisive legislation in the medical use of cannabis has curbed the sale of the drug in the black market. This means that most, if not all, dealers of the product have legal backing. With government regulation, all growers of the crop do it in the best way possible. As a result, there is a rise in user confidence in its quality since it is medically approved. This, in turn, helps increase the demand for all forms of cannabis. 

Most European countries legally allow for the recreational use of cannabis and CBD-infused products, according to the Orian Research Group. This has, in turn, increased its market share in Europe to approximately 450 million euros. This is around 31 percent of the global market of CBD oil. Business analysts estimate that the European legal cannabis industry could grow by 400 percent in four years. This, in business terms, is a huge leap. 

In terms of consumption, Germany is the highest in Europe. This is especially due to its progressive legislation and a large affluent populace. A large population translates to a large pool of consumers. Europe, with its 44 countries, has a population double that of Canada and the United States in total. Future estimates say that by 2025 some European might increase access to medical cannabis to patients. These countries have large populations and, thus, large markets for the product. 

Marketing Cannabis in Europe

There are many ways in which cannabis in Europe reaches the population. One sure way is in how they market the product. All companies marketing the product must have a legal mandate from their respective countries to do so. Packaging is a major hurdle, according to industry experts. Being that there are many players in the industry, your packaging must be unique. It needs to have all the pertinent information and also seem appealing to the consumer. With this in mind, it still has to contend with the laws of the state. This has made many European companies come up with unique packages to help market their products across the continent.

One major advantage of the European cannabis market is that it is learning from mistakes made by other countries like the United States. The major hurdle was curbing the black market by having legal distribution centers. The United States initially only used pharmacies to distribute medical cannabis. Europe aims to use pharmacies and other mainstream channels. This will assist in the taxation of the industry and provide more access to the product. What makes most Europeans buy cannabis products is that their markets adhere to strict medical standards. The standards maintain that all medical products must follow guidelines laid down by the European Union. 

Another major boost in the cannabis industry in Europe is its delivery system. Some countries like the Netherlands have door-to-door delivery after ordering the product online. This ease of access is among the reasons medical cannabis sales are constantly increasing in Europe. 

Legal Approaches

Many countries in Europe have well-framed legislation concerning the distribution and usage of medical cannabis. These include Poland, the UK, Portugal, and the Netherlands. Most of these legislations are recent, with Germany and Greece introducing mandates in 2017 and 2018, respectively. According to the medical cannabis law in Cyprus, patients can only receive the product from a pharmacy upon presenting a valid prescription. This prescription must come from a certified specialist physician. 

The primary aim of the legislation is to regulate the use of medical cannabis. This guarantees that you receive quality cannabis under expert supervision. It also ensures that you get quality cannabis, unlike what you might find in the black market. The regulations hold your safety as important as any other prescription medicine. 

Some other European countries are still debating about the medical use of cannabis. Countries like Finland only permit its usage in the form of an oromucosal spray for certain ailments. In this case, the prescription for the spray is only when all possible options have failed. The only medical practitioner who can legally give this prescription must be a neurological expert. 

The Bottom Line

The debate is still looming in many European countries on the medical and recreational use of cannabis. The manner of preparation, strain, and dosage are among the factors that medical practitioners are researching. There are still many aspects of the cannabis plant that are useful. The hemp plant has many other uses that are not drug-related.