The legalization of weed is a long process and there are many signs that this process is unstoppable.
As Reuters reported, according to survey data by industry consultants, more than half of Europeans support the legalization of weed for adult use and around 30% of them are interested in purchasing cannabis related products.
As it was written in the Reuters article, based on the processes in the U.S., the liberal approach to cannabis products means economic and financial benefits for Europe. During the covid lockdowns, the use of cannabis increased significantly in the U.S. The USA saw a surge in cannabis use during the pandemic.
The report comes a week after the U.S. House of Representatives passed a bill to end the federal ban on marijuana.
According to Boris Jordan, executive at U.S.-based Curaleaf, “we see the European market as three to four years behind (the U.S.), but it actually looks like Europe may initiate sweeping reform before the United States”.
Cannabis legalization in Europe
Among other European countries, Germany has legalized cannabis for medicinal use only. Other countries have chosen to decriminalize the everyday use of cannabis products. Malta was the very first country in Europe where not only the personal use but also the cultivation of cannabis was legalized.
Based on research by Prohibition Partners, by 2025, the cannabis market of Europe is expected to grow over 3 billion euros per year, in contrast to the last year revenue of 400 million euros. Today, Germany is the biggest European market.
“There is clear political desire and willingness in Germany to legalize recreational use” said Joe Bayern, chief executive officer of Curaleaf to Reuters.
“Given it (Germany) is the largest economy in Europe, we think it will lead the way and create a domino effect for rest of the continent”, Bayern said.
My personal thought on the topic is that I hope the Spanish market will benefit from the changes as much as the German market.