European Cannabis Report 2023: major trends and opportunities
February 7, 2023
Legalization of the sale and possession of recreational cannabis in European countries like Germany, Czech Republic, Switzerland & the Netherlands is set to create a legal market forecast to be worth €1.6 billion by 2027, according to a new report from Prohibition Partners.
Across Europe, the number of medical cannabis patients is also set to increase by more than 230% over the next four years. Approximately 427,000 patients in Europe will consume medical cannabis for various conditions this year, rising to approximately 1.4 million patients by 2027.
The recreational cannabis market in Europe has seen significant regulatory progress in the last few years. In 2022, it was announced by the Czech Republic and German governments that they were developing a legal framework to provide a regulated market for adult-use sales.
Germany
In Germany, legal sales of recreational cannabis are projected to begin by the end of 2024. It is forecasted that total cannabis sales will reach €170 million in 2024, rising to more than €1 billion by 2027. Although regulations for the recreational cannabis market have not yet been established, full legalization of cannabis across Germany would result that all current recreational cannabis users will have the permission to purchase cannabis from licensed dispensaries.
The Netherlands
Additionally in 2024, a controlled cannabis supply chain experiment is set to begin in the Netherlands. It is forecast that in the first year of regulated sales alone, annual sales could reach €158 million, rising to €258 million by 2027.
Switzerland & other countries
Also, the first fully-legal sales of adult-use cannabis in Europe commenced in Switzerland earlier this year under a Basel-based pilot project called WEED CARE. Many more pilot trials are also in development in Switzerland. More than €20 million-worth of legal recreational cannabis is expected to be sold in Switzerland this year, rising to €102 million by 2027.
Other European countries like France, Croatia, Denmark and Poland will also experience exponential growth in the number of medical cannabis patients and sales from 2023-2027.
Market forecast
Sales of medical cannabis in Europe will generate €516 million in 2023, rising to €2.1 billion by 2027, in line with patient population growth across the continent. Germany will continue to have the largest medical cannabis market in Europe, and the UK is set to become the second-largest market by the end of 2023.
Therefore in the next two years, several European countries will probably permit the sale of recreational cannabis products, resulting a major boost to the total cannabis market.
source: prohibitionpartners.com
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