According to research carried out by Prohibition Partners, the European cannabis market was already worth €650 million at the end of 2020. Still, this is nothing compared to what could happen in the next few years.
The cannabis market could reach a value of 123 billion euros by 2028: 58 billion from the medical-pharmaceutical sector, 65 billion from recreational use.
Some well-known and recognized companies can now legally sell CBD throughout Europe, thanks to the new European laws. It is the case for the most famous one: JustBob shop online!
CBD trade in Europe
The numbers of the forecast mainly concern the trade-in THC products. In any case, according to the data collected by the European industrial hemp association, the continental market of CBD for pharmaceutical use has already reached a value of 2 billion euros.
Furthermore, according to Prohibition Partners, the European market will become the largest in the world over the next five years, especially since several states are about to pass or promote laws in favour of the liberalization of cannabis.
So, let’s see the current situation in the main European countries.
Known throughout the world as the country of coffee shops, Holland was the first country (the law dates back to January 1, 2001) to allow the consumption of cannabis. However, tolerance is limited: it can be consumed in coffee shops. Outside, the consumption and possession of quantities exceeding 5 grams are considered a crime.
In Spain in the early 2000s, it is possible to cultivate for personal and collective purposes (in the so-called Cannabis Social Clubs). In addition, consumption is allowed in private places.
Possession is allowed; buying and selling is a crime.
The use and consumption of light cannabis (THC below 0.2%) are decriminalized and holding up to 10 grams. Cannabis with THC is legal to use for therapeutic purposes with a prescription.
Use with a prescription for the treatment of specific conditions is permitted (no health coverage). Consumption for recreational purposes is illegal, but the crime can only be subject to an administrative sanction.
It is allowed to own up to 15 grams and grow the plant for personal use. The sale is prohibited. It is legal to consume it for therapeutic purposes.
Legal to use for therapeutic purposes, illegal for recreational use. However, there are areas such as Christiania, the partially self-governing district of Copenhagen, where consumption and sale are tolerated.
Sweden, Romania, Russia: CBD is illegal.
But in the Soviet country, possession of up to 6 grams is decriminalized.
And what about CBD cannabis out of Europe?
United States: The cannabis business is already worth $15 billion
If there is one country that is perhaps most of all exploiting the full potential of this market, it is the United States. According to estimates published in the 2020 edition of the Marijuana Business Factbook, retail sales of medical and recreational cannabis in the United States will exceed $15 billion by the end of this year, an increase of about 40% compared to data from sales 2019.
A strong growth was also due to the entry into the CBD market of states such as Florida, Maryland, Pennsylvania, and Oklahoma. In addition, New Jersey, Arizona, Montana, Mississippi, and South Dakota were added in November 2020.
At the top of the list of states is California, which in 2019 recorded $3 billion in turnover related to legal cannabis. California’s recreational legal weed industry is expected to improve in the coming years as companies adapt to the regulatory environment and more municipalities allow these businesses to operate in their jurisdictions.
On a general level, however, according to the latest Factbook’s exclusive projections, total sales in the United States could rise to $37 billion by the end of 2024.
The example of Italian CBD in Europe
In particular, the European Court intervened in the marketing of an electronic cigarette with cannabidiol oil, which French law had prohibited.
The court ruled that CBD is not a narcotic, as it has no psychotropic or harmful effect on human health. So, the European Court last November 20 ruled that no member state can prohibit its marketing. It is also not possible to block European CBD, i.e., CBD produced in another member state.
According to the numbers put together by Prohibition Partners in the European cannabis report, the Italian one is one of the most promising markets because Italy is a place of sun, water, good air and fertile soil. Land of excellence in agricultural production.
According to estimates, by 2028, the turnover of the entire industry of CBD shops in Italy could reach 40 billion euros, of which more than half come from cannabis grown on a large scale and at least 7 billion derived from therapeutic uses.
Considering that the entire supply chain can be taxed, it is a real shot in the arm for the state coffers and, above all, for the employment situation.