Tuesday, June 21, 2022 5:25 p.m.
The UK cannabis industry could be worth more than £ 1bn in 2026, according to a new analysis, as European countries begin to take advantage of the booming industry.
Prohibition Partners ’investigation comes as the country prepares to host the Web Summit on Cannabis next week, which will make industry leaders urge the government to welcome the market with open arms.
The UK has previously been accused of losing lucrative cannabis tax revenue under “unfit” laws by the Social Market Foundation, with an illicit cannabis market estimated at £ 2 billion a year. ‘year.
Just last week, Thailand became the last country to give the green light to cannabis, after legalizing medical cannabis in 2019.
Thailand’s new rules will make it cheaper to supply cannabis-based products to businesses and consumers, which can be used to control pain.
The plant is being increasingly recognized as an asset to the medical industry. Prohibition Partners, meanwhile, has predicted that the UK medical cannabis market will be worth more than £ 453 million by 2026, almost a quarter of the total European market at the time.
“The genius is out of the bottle with the cannabis industry: North America has accepted it and Europe is beginning to do so. The industry has shown that it can offer high levels of investment, economic growth and jobs for to the economies that support it, “said Stephen Murphy, CEO and co-founder of Prohibition Partners.
“The UK must now ensure that it does not lag behind as investors head to Europe as the next frontier for the cannabis industry. At a time when the UK needs a lot of similar economic momentum, Going green and supporting cannabis will contribute to the UK economy. “
