European Cannabis Market To Hit €115 Billion By 2028
July 25th, 2018
Europe is officially on the forefront of the global cannabis industry, according to new data released by analyst group Prohibition Partners. The 3rd Edition of The European Cannabis Report™ finds that the marijuana market is projected to be worth over €115 billion by 2028. The news comes during a watershed moment for legal marijuana around the world as investments into the industry reach a fever pitch. The report, which analyzed the markets in 28 key countries across the continent, found that over €150 million has already been invested in the European cannabis industry.
“We not so much believe, but very much know that Europe will become the biggest cannabis industry in the world, it’s just a matter of when,” said Stephen Murphy, Co-founder and Managing Director of Prohibition Partners, in an interview with CFN Media. “The European market has grown faster in the past six months than it has in the past six years. It presents an opportunity for both investors and entrepreneurs with experience in the space to develop a market that is fresh and already thriving economically and ready to support the growth of a new legal cannabis industry.”
Some form of medical cannabis is currently legal in 20 countries across Europe; in 2018, three more announced legalization efforts. While patient numbers are currently below 100,000, they are expected to jump to over 30 million by 2028; authors of the report ascertain the majority of European states will pass both medical and adult-use cannabis within this time frame. This comes as Canada prepares to fully legalize the plant, the first G-7 nation and only the second in the world to do so. Murphy states that there a few nations that currently stand out in terms of rapid development.
“Where the markets are of major interest would be Portugal and Spain, Italy, Germany, the UK, and you’d also have Czech Republic, Croatia, Austria, France. Up until April of this year we were predicting that the UK would be 12 months away (from medical cannabis) whereas now we are saying it is less than 6 months.”
For international cannabis companies and investors, the report does heed a warning: Europe will be one of the most challenging markets to enter, mainly due to the complex regulatory framework currently in place or being developed. Medical marijuana will mostly be available via socialized healthcare that citizens already participate in and obtaining distribution rights will be tough. However, it’s not impossible for foreigners to seal valuable government contracts – Canopy Growth announced an agreement in late 2017 that will bring their cannabis products to over 12,000 pharmacies in Germany, one of several such deals for large-scale Canadian cultivators.
“The European industry is certainly complex and has a number of barriers to entry that make operating in Europe a challenge, however as the region is currently in such an early stage of development, it makes one of the most opportunistic markets to be operational,” Murphy explained.
“The European cannabis industry will be heavily regulated and tightly controlled, as such it will be companies that are first movers and work with local authorities who will benefit from such rapid growth. Operators and investors should have a very solid European market entry strategy that reflects the strengths and goals of the company and need to work with local experts who can help navigate the complex region. First mover certainly provides risk, the German cultivation tender process just being one of them, but with Europe forecasted to be the biggest cannabis market in the world, it is essential to at least have a strategy that will see you enter the market within the next 12- 18 months.”
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
Follow Us on Social Media
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.