Spectrum asks “Will the European Cannabis market grow in 2022?”
D
espite a slow start, it looks as though Europe will follow Malta’s lead and usher in the legal use of recreational cannabis in 2022.
Guernsey’s government is set to debate the potential legalisation of recreational cannabis in 2022 following previous moves to reform policy. Deputy in the States of Guernsey, Gavin St Pier is in favour of a regulated, legalised recreational cannabis market, stating “Just like the medicinal cannabis industry, you can regulate the market, tax it and turn it into a revenue stream.”
Guernsey’s government began issuing licenses for medical cannabis cultivation and specialist prescribers were permitted to begin prescribing cannabis-based medicines in 2019, but cannabis remains a Class B drug, meaning the cultivation, sale, import and supply of the drug outside of ‘medicinal’ need is still restricted.
Fellow Channel Island, Jersey, is taking a more cautious approach although a multi-stakeholder cannabis trade organisation – the Cannabis Services Advisory Board – has launched on the island in preparation for the next phase of the regulated cannabis sector in the British Isles.
German cannabis harvest
edical cannabis products were legalised by the Federal Government in Germany in 2016 but the new coalition government, under Chancellor Olaf Scholz, wants to legalise the sale of cannabis for recreational use to adults in specialised, licensed shops. Although there is currently no specific timeline for the legislation, it seems likely to be a priority for the new administration.
Getting ahead of any legislative change, three companies have won tenders from the German cannabis agency to produce cannabis in Germany. The first harvest in January will mark the first legal, large-scale harvest of cannabis on German soil. The leaves will be ground for cannabis flour and used in legal medical marijuana products.
European-wide ripple effect
Germany is seen as the catalyst that could open up a whole continent of medical and recreational cannabis revenue. The governments of Luxembourg and Switzerland have both announced plans to establish a legally regulated cannabis market, with Luxembourg expected to vote on the proposal in early 2022.
We wonder if this will bring about a greater liberalisation across the wider continent of Europe? According to an article published in New Frontier Data, it seems likely as attitudes are ‘nudged’ in the right direction, although they warn “optimistic impulses in January are typically best tempered by some healthy circumspection” so it’s likely to be a marathon rather than a sprint.
If your business is set to take advantage of a change in the law across continental Europe in 2022, and you’re looking to produce high-quality CBD oil or THC oil from raw hemp or cannabis, contact us today or find us on booth F50 at The CBD Show.
