The European cannabis market has experienced a breakthrough year and is expected to improve with a current projected CAGR rate of 13.13% over the next 4 years. In their latest report, Business Cann compiled a list of interesting insights into what lies ahead for 2023 from some of the industry leaders in the cannabis sector.
We’ve summarised some of the most interesting statements and provided our thoughts on how this might translate across to the UK’s medical cannabis market in 2023.
Findings from Stenocare Business
Stenocare is Denmark’s leading pharmaceutical supplier of medical cannabis. Company CEO Thomas Skovlund Schnegelsberg suggests that Big Pharma are investing more and more in the European cannabis market. Meanwhile, as Germany launches into the process of the legalisation of recreational cannabis, this means the market should expect start to see some of the legislations and regulations around cannabis start to move forward across Europe much more quickly.
With the cannabis industry starting to stabilise, will the industry see a more solid profit and loss model for investors based on products and services?
Findings from Tenacious Labs
Following on from Stenocares point, Tenacious Labs who create products using plant-based ingredients suggests that Germany will be the envy of European legislators this year. From 2024, recreational cannabis with legal, with an estimated £5.5 billon in annual tax revenue expected to be generated. Nicholas Morland, CEO of Tenacious Labs believes that this could pave the way for the rest of Europe to review its existing cannabis legislations.
Findings from Arcview Management Consulting
Marc Brandl, a Research Analyst from Arcview Management Consulting has suggested that as the medicinal cannabis industry continues to grow, it will be interesting to see if this is also reflected in number of patients increasing in the UK. Additionally, he believes that cannabis companies in the UK have a unique opportunity for growth in 2023 thanks to the successes in North America in 2022.
Will the US become the ‘benchmark’ or will the UK, already the worlds biggest exporter of cannabis, rise to the occasion and update their legislations?
Findings from the Cannabis Industry Council
Mark Morgan-Giles, CEO of the Cannabis Industry Council is clear on what he feels needs to happen; a huge push in reform to make medicinal cannabis more widely available for patients suffering from chronic illnesses.
Mark has suggested that if these reforms and best practices are not introduced quickly the UK, the worlds largest distributor of legal cannabis could risk being left behind by other emerging countries.
Findings from Ananda Developments
Ananda Developments, a leading UK grower and provider of high-quality, consistent, carbon-zero medical cannabis has a positive outlook for 2023. Melissa Sturgess, CEO believes the UK will surprise everyone this year and push out the much-needed reforms that will give UK patients better access to medicinal cannabis.
As Germany’s market for medical cannabis grows alongside recreational use, the government and its citizens will undoubtedly benefit from the projected $5 billion in additional tax revenue.
While recreational cannabis is still very much illegal in the UK, medical cannabis has been available on prescription since 2018. However, the industry continues to face several challenges, including a lack of clinical research and understanding of the benefits and risks of cannabis-based medicinal products. In addition, the industry still faces strict regulations, limited access for patients and expensive prescriptions, which may start to improve throughout 2023.
The UK is yet to see to benefits of the tax revenue of a mature medical cannabis market. However, could Germany’s projected success prove that cannabis could become an economic saviour, as the country struggles with the cost-of-living crisis and rising inflation?
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