According to the European Cannabis 2020 report, Britain’s medical marijuana market will experience a 98% compound annual growth rate between the years 2020 to 2025 if general practitioners and domestic cultivation is allowed.
Projections show that this year, the marijuana market in Europe will reach £269 million, which is equivalent to $359 million. This growth represents a 25% increment from last year’s figures and is projected to increase, with a compound annual growth rate of 52%, to more than $3.1 billion by the year 2025.
Brightfield Group, the international research firm that released the aforementioned report, announced that Britain’s marijuana market grew 28% this year, despite earlier projections that showed the pandemic affecting the cannabis market, citing disruptions in the supply chain and a decline in patient registrations.
In a statement to Yahoo Finance, Gavin Sathianathan, CEO of Alta-Flora, a healthcare tech application, said that the health-care industry had undergone some changes in the last few months, adding that they would reassess the role that marijuana played in quality-of-life improvement for a patient. He also stated that in the next decade, healthcare systems in Europe would be under a lot of pressure to decrease costs, which would offer medical marijuana a more central role in quality of life improvement for millions of individuals.
The growth exhibited in Europe’s marijuana market may be attributed to the fact that pharmacies and physician offices were a few of the entities allowed to remain open amid the pandemic. Additionally, telehealth became more popular, which further encouraged new patients to enroll in medical marijuana programs. Supply chains largely remained intact, which also helped the market remain well stocked.
Germany has the largest medical marijuana market in Europe. The projected sales of Germany’s marijuana market for this year is $267 million. The market is expected to grow to a $2.1 billion market by the year 2025.
When compared to the U.S.’s adult-use and medical cannabis markets, where legal sales are forecasted to reach $35 billion by the year 2025, Europe’s medical marijuana market is relatively small. Despite this, the cannabis market in Europe is expected to grow rapidly, especially when global regulations that are more supportive are implemented. This will open the way for a more scalable and stable medical marijuana market across the region. As nations such as Luxemburg, Switzerland and Denmark venture further into the adult-use cannabis market, Europe will try gaining on the North American cannabis markets.
As cannabis markets mature, companies are taking different measures to differentiate themselves from other sector players. The Canadian cannabis space, for example, has Pure Extracts Technologies Corp. (CSE: PULL), a firm which has excelled as an extraction company for its own manufacturing processes as well as for other licensed producers within and outside Canada.
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