UK Canna Industry Worth £1bn by 2026
The UK's cannabis industry is estimated to be worth more than £1bn by 2026. This is in accordance with a new analysis that has been carried out as countries across Europe begin to legalise the use of cannabis either medicinally or recreationally and cash in on the fledgling industry.
The study carried out by "Prohibition Partners" has been released as London readies itself to host the "Europa Cannabis" event starting tomorrow. An event that will undoubtedly see industry leaders urging the government to rethink its position on the legal market.
The UK has formerly been told how it is missing out on lucrative cannabis tax revenue thanks to "not fit for purpose" laws, with the illicit cannabis market evaluated at £2bn a year. The UK economy shrunk by 9.9% in 2020 due to coronavirus. So the idea of additional tax revenue raised from legalising weed in the same way as the USA or Canada would help!
Only recently, Thailand joined the growing list of countries that have legally given weed the thumbs up, having already made medicinal cannabis legal in 2019. Thailand's new regulations make it more affordable to supply companies and customers with cannabis to manage pain.
With the recognition of cannabis,' medicinal benefits increasingly recognised, Prohibition Partners have predicted the UK's medical cannabis market to be worth over £453m by 2026. That is nearly a quarter of the entire European market.
"The genie is out of the bottle with the cannabis industry – North America has embraced it, and Europe is starting to. The sector has shown it can deliver huge levels of investment, economic growth and jobs for economies that embrace it"- Stephen Murphy- CEO and co-founder of Prohibition Partners.
The UK has to make sure that it does not get left behind as investors turn their attention toward Europe as the next most lucrative option in the legal cannabis industry. With the time we are in post-pandemic and the state of the economy, turning the tide on cannabis prohibition could be a very prosperous solution for both the man on the street and the government.
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Liz Filmer
