With more than 740 million people, more than double US & Canada, Europe is set to become the world's largest legal cannabis market over the next five years
Sales in 2018
Projected growth by 2023
CAGR of 83%
- Europe is on the cusp of accelerating the legalisation of cannabis for medical use. Over the last twelve months, six countries have announced new legislation and over €500m has been invested in European cannabis businesses.
- Europe's cultivation capacity and processing infrastructure will quickly put the region on a par with the North American market.
Supply and demand opportunity
- Europe is under supplied for cannabis
- Canadian companies have started to export to Europe
- Currently little or no cultivation in European countries
- Typical calculations of medical use cannabis assume 2% of the population use 1 gram, per patient, per day; this equates to a potential European demand of 5,400 tonnes per year to satisfy demand for medical use cannabis
In just two years, Germany is already Europe's biggest medical cannabis market and the largest market outside of North America.