Cannabis Market Updates
Investing in the Italian Cannabis Industry
According to Barclays September 2018 European Consumer Staples Report the global cannabis industry could be worth USD$272 billion by 2028. European government-subsidized health care systems with a current budget of $1.3 trillion in spending will bring the medical cannabis market to dominate Europe and become the largest medical marijuana market in the world. Italy has a long history of cultivating industrial hemp, a derivative of the cannabis sativa plant. Up to the 1940s, Italy was the world’s second largest producer of hemp, cultivating the plant in over 100,000 hectares of land. After the war and the move towards synthetic fibres, the cultivation of hemp plummeted. In 1961, the Italian government signed the single convention on narcotic drugs. Despite the international treaty specifically excluding non-pharmaceutical hemp production from the regulations controlling cannabis, it led to further to decline in hemp cultivation in Italy. Read more
Ireland Medical Cannabis
18th November 2019. Ireland has official commenced with medical cannabis launching this week a five-year trial. The national program will see Ireland import cannabis products into the country. The government seeks to empower the healthcare industry to prescribe medical cannabis for conditions that are approved. This is considered the first step in Ireland potentially establishing a local cannabis cultivation industry to supply the needs of the country, however at this time and for the coming years; Ireland will import its cannabis products from European nations.
Germany’s medical cannabis industry
Germany’s medical cannabis industry is one of the largest in Europe and is presently estimated at over €73 million. Figures from 2018 reveal that 60,000 patients with a total of 95,000 prescriptions use medical cannabis as a source of treatment. Experts anticipate that this number will rise dramatically in the coming years. Interestingly, in 2019, 60% of Germany’s officially approved prescriptions were subsidized by the countries insurance companies. Germany’s total healthcare expenditure exceeding €420 billion, medical cannabis patients and prescriptions will rise sharply in the next few years. The opportunities continue to increase for cultivation and supply to the burgeoning market.
Tens of thousands of studies have been conducted worldwide on the health benefits of medical cannabis, yet the UK health organisms have only accepted a handful. This effect continues to leave a stigma in the UK and globally about the validity of the plant as a medication.
The process in the United Kingdom is that patients find accessing medical cannabis difficult and are often caused to wait weeks and even months for medication coming from overseas supply. The Nederland’s on the other hand have been prescribing medical marijuana since early in 2003 and patients are often supplied products within 24 hours of issuing a prescription. Marijuana as a medicine is standard and well accepted in the Nederland’s, over the counter supply is normal and patient satisfaction is high.
UK 20,000 medical cannabis Patients
Over 20,000 patients will receive cannabis medications in the United Kingdom as Department of Health statistics confirm that 12 prescriptions in the eight months since legalisation. The initiative called Tweety21, will see patients form the largest medical cannabis trial in Europe. The aim of the project is seeks to clinically establish medical cannabis and contemporaneously supplying the growing demand is a safe, economical and efficient manner. Well done we say!