European cannabis market set to be worth €115.7 billion by 2028

The European cannabis market is set to be worth €115.7 billion by 2028, according to a report released by the market intelligence firm Prohibition Partners.

The findings published in the 3rd edition of the European Cannabis Report, suggest that the cannabis market is set to experience significant growth over the coming decade as demand for cannabis increases for both medical and recreational purposes.

The report states that the medicinal cannabis market could reach a value of more than €55 billion by 2028 as long as medicinal cannabis is legalised in the European Union by 2023. This would make Europe the largest cannabis market in the world.

While some form of medical cannabis (or cannabis-based medicine) is now legal in 22 different European countries, the report argues that the vast majority of European states will have passed legislation, allowing the use of both medicinal and recreational cannabis by 2028.

"Public, political and professional opinions are swinging largely in favour of the legalisation and regulation of cannabis. Europe, which is known for its considered and conservative approach to change, is suddenly becoming a hotbed of activity for the global cannabis industry," said Stephen Murphy, Managing Director at Prohibition Partners. "In just six months, the European cannabis industry has grown more than it has done in the past six years. Currently, patient numbers are below 100,000 across the region but this number is set to grow to over 30 million in the next ten years. As medical cannabis has the ability to treat well over 52 conditions, this is quickly becoming the most important healthcare development of the past 20 years. Europe is gearing up to experience a 'Green Rush' of economic growth, with cannabis set to become the dot-com boom of the early 21st Century."

However, Europe will likely be one of the most difficult markets to enter for international cannabis companies due to the region’s strict regulatory framework and complex licensing and trading requirements.

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