More than half of Europe's population supports legalization of adult cannabis use and about 30 percent of them are interested in purchasing it, according to polls by industry consultants.
A liberal approach to Europe could yield multiple financial and economic benefits, as seen in the United States.
While the majority of Europeans are in favor of regulated cannabis shops, most are not in favor of growing the plant at home, according to the report from London-based consultancy Hanway and cannabis producer Curaleaf International.
The report comes a week after the US House of Representatives passed a bill Friday to end the federal ban on marijuana. This ban caused legal problems for users and companies in the states that have legalized marijuana.
European cannabis market lags
“We see the European market lagging behind the US by three to four years, but it looks like Europe can initiate sweeping reforms,” said Boris Jordan, executive at US-based Curaleaf. Many European countries, including Germany, have cannabis legalized for limited medicinal purposes, while others have decriminalized its general use. Malta became the first European country to allow limited cultivation and personal use of cannabis.
According to a report by research firm Prohibition Partners, the European cannabis market is expected to exceed 2025 billion euros ($3 billion) in annual sales by 3,27, compared to about 400 million euros last year. Germany has the largest market on the continent to date.
"There is a clear political desire and willingness in Germany to legalize recreational use," Curaleaf chief executive officer Joe Bayern told Reuters. “Considering it (Germany) is Europe's largest economy, we think it will lead the way and create a knock-on effect for the rest of the continent.”
Read more Reuters.com (Source, EN)
