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Europe’s Cannabis Market Slated To Be The Largest In The World

Europe's Cannabis Industry
Written by Alexandra Hicks

A new report from Prohibition Partners – a UK-based cannabis consulting firm – Europe’s cannabis market could stand to be the largest in the world within the next 10 years.

Cannabis market is predicted to grow to a $135 billion market by 2028, and not only that, it’s expected to have a trickle down effect that will permeate everything from economic and employment opportunities to social and healthcare issues that have been effecting the continent. This, of course, is assuming that every country in the Union will have some form of legalization on their books within the next 10 years.

How Big Is Europe’s Cannabis Market:

As stated in the report, it’s estimated that over the next decade, the European medical cannabis market will be worth over €55 billion (roughly $64.5 billion USD). So far this year, six EU countries have legalized some form of cannabis-based medication, bringing the total number of European countries with medical cannabis to 22 out of 50. Patient number have been steadily on the rise as well with an increase of about 40% each month.

Looking at the recreational market, it’s predicted to hold a value greater than €60 billion (about $70.4 billion USD). This is a common pattern that’s become very noticeable in the American cannabis industry. First comes medical legalization (sometimes very limited), often followed by decriminalization and relaxed enforcement of cannabis laws, and it eventually ends with full blown legalization of recreational cannabis.

Although no one can say with 100% certainty that every European country will legalize over the next 10 years, it’s looking very promising. “Public, political and professional opinions are swinging largely in favour of the legalisation and regulation of cannabis,” says Stephen Murphy, Managing Director of Prohibition Partners.

In total, Europe’s cannabis market has already surpassed 742 million, which is more than double the market size in the US and Canada combined.

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About the author

Alexandra Hicks

Managing editor at Cannadelics and U.S based journalist, helping spread the word about the many benefits of using cannabis and psychedelics.