Research and Markets has published its new European cannabis report, estimating up to €354m worth of unlicensed medical cannabis could be sold in Europe in 2022.
The Research and Markets report projects this could reach €2.3bn by 2026 as a number of countries across Europe improve access to medical cannabis.
With developments across Europe for cannabis in 2021, including the legalisation of recreational cannabis in Malta – a historic first for the continent – the new report highlights how the mainstreaming of cannabis will be a driver in the growth of the market. In particular, the upcoming potential legalisation of recreational cannabis in Germany is showing promise for the market.
Read more: Switzerland approves pilot for regulated cannabis sales
Additionally, it notes that as countries such as the UK move towards recognising a fully-legal consumer packaged good market for CBD, these products are going to see continued growth over the coming year.
As of 2022, several novel foods applications for CBD have been validated by the European Commission and in the UK, the public list of products that are deemed to have credible applications for eventual approval, has now been published.
Read more:: CBD sales and marketing gets creative for 2022
Research and markets stated: “But, the story which is drawing most international attention is the upcoming liberalisation of adult-use cannabis in Europe, with the ruling coalition of Germany promising full legalisation and commercialisation of adult-use cannabis in this legislative term.
“Legal sales are set to start in Switzerland by the end of 2022 followed shortly by those in the Netherlands.”
The report delves into the European market, covering further topics such as market sizing, country focus, expert interviews from Dr Anne Schlag of Drug Science’s Project Twenty21, Cansativa Group, Leafy Tunnel, Tilray and Fluence EMEA, as well as market trends, the supply chain and product shortages.
To read the report please visit www.researchandmarkets.com/r/ctabgo.
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