Europe’s Legal Cannabis Market Is A €56 Billion Opportunity

UNITED KINGDOM: A new report from industry advisors, Prohibition Partners, suggests that Europe will become the largest legal cannabis market in the world once all countries have introduced legislation and regulation over the next five years.

Cannabis is set to become the major global industry of the post-digital generation. It will drive economic and employment growth as well as having a significant impact on a wide range of social issues.

The impressive financial performance of North American cannabis companies is already drawing in institutional investors – even before US federal legislation.

However, Europe is quickly catching up with a record number of countries introducing medical cannabis legislation already this year. Most governments understand the medical and tax benefits so are moving fast to position correctly for this opportunity. Buoyed by a shift in legislation and ground breaking returns, the European cannabis industry represents a very unique and rewarding opportunity.

The European Cannabis Report™ (2nd Edition) explores the complex regulatory environment while providing a detailed analysis of 15 key markets across the medical, recreational and industrial sectors.

 

Colombia To Legalize Commercial Sale Of Medical Marijuana

COLOMBIA: Colombia’s government plans to legalize the cultivation and sale of marijuana for medicinal and scientific purposes, officials said Thursday in a surprise shift by the longtime U.S. ally in the war on drugs.

The change is coming in an executive decree that President Juan Manuel Santos will soon sign into law. It will regulate regulating everything from licensing for growers to the eventual export of products made from marijuana, Justice Minister Yesid Reyes said.

With the new policy, Colombia joins countries from Mexico to Chile that have experimented with legalization or decriminalization as part of a wave of changing attitudes toward drug use and policies to combat it in Latin America. But unlike many of its neighbors, Colombia has long been identified with U.S.-backed policies to eradicate drug production and a sharp decline in levels of violence over the past 15 years is largely attributed to the no-tolerance policing.

Australia To Lift Ban On Medical Cannabis

AUSTRALIA: The Australian government has announced plans to allow cannabis to be legally grown for medical and scientific purposes.

Under current laws, marijuana is classified as an illegal drug, and while penalties vary from state to state, people who grow, use, possess or sell it can be fined or sent to prison.

In a statement Saturday, the government said the Narcotics Drugs Act 1967  would be amended to allow the drug to be grown locally, without breaching the country’s international obligations as a signatory to the Single Convention on Narcotic Drugs 1961.

“This Government is incredibly sympathetic to the suffering of those Australians with debilitating illnesses and we want to enable access to the most effective medical treatments available,” Health Minister Sussan Ley said in a statement.

MPs Set To Debate Legalizing Cannabis On October 12

UNITED KINGDOM:  MPs are set to debate whether the UK should legalize the production, sale and possession of cannabis after a petition calling for drug law reform attracted more than 200,000 signatures. The government confirmed a debate led by Labour MP Paul Flynn will take place in Westminster Hall on 12 October. Flynn, MP for Newport West, has campaigned for the cannabis reform for 25 years and is also a long-time advocate of medical marijuana.

The debate is in response to a popular parliamentary petition that argued legalizing cannabis could bring in “£900m ($1.3 Billion) in taxes every year, save £400m ($614 Million) on policing cannabis and create over 10,000 new jobs”. The petition took just four days to amass 125,000 signatures after it was launched in July.

However, it is unlikely the debate will have any effect on the current drugs laws. In response to the petition, a government spokesperson said: “Substantial scientific evidence shows cannabis is a harmful drug that can damage human health. There are no plans to legalize cannabis as it would not address the harm to individuals and communities.”