Germany and the United Kingdom are projected to control an estimated 77% of Europe’s emerging legal medical cannabis market by 2028 according to a new analysis by The Dales Report.
“This growth is driven by both expanding legal frameworks and an increasing acknowledgment of the therapeutic benefits of cannabis. As both nations continue to refine their policies and commercial strategies, the focus remains on balancing patient needs with scientific and public health priorities.” The Dales Report stated about both national markets.
On April 1, 2024, the first provisions of Germany’s new CanG law took effect. One provision was the removal of cannabis from the nation’s Narcotics List, which significantly alters the medical cannabis industry landscape in the Germany. It is now easier for patients to enroll in Germany’s medical cannabis program and for products to make their way through the supply chain.
Germany’s domestic medical cannabis production quota system, which has historically limited the amount of medical cannabis produced in Germany, is no longer in place. Germany imported 34.6 tons of medical cannabis products in 2023 alone. The recent changes will contribute to tremendous growth for Germany’s medical cannabis industry in the coming years.
According to a recent market analysis by Research and Markets, the overall emerging legal European medical cannabis industry is set to undergo considerable growth between now and 2028.
“The burgeoning Europe medical marijuana market is poised for robust growth, as evidenced by the latest market insights which project an impressive leap from US$ 3,414.26 million in 2022 to US$ 9,703.38 million by 2028.” the researchers stated in a press release.
“This significant expansion is characterized by a Compound Annual Growth Rate (CAGR) of 19.0% over the forecast period.” they also stated.
The global legal medical cannabis market is projected to reach $82.5 billion by 2030 according to a separate report by Research and Markets. The legal medical cannabis market was worth an estimated $32.3 billion in 2023 according to the report.
“Extract Form Marijuana, one of the segments analyzed in the report, is expected to record 14.6% CAGR and reach US$54.2 Billion by the end of the analysis period. Growth in the Dried Flower Marijuana segment is estimated at 13.7% CAGR for the next 7-year period.” Research and Markets stated in a press release.
“The Medical Marijuana market in the U.S. is estimated at US$9.9 Billion in the year 2023. China, the world’s second largest economy, is forecast to reach a projected market size of US$14.1 Billion by the year 2030 trailing a CAGR of 13.6% over the analysis period 2023 to 2030.” the researchers stated.
“Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.6% and 12.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 10.4% CAGR.” the researchers also stated.