Europe could become the world's largest cannabis market

The second edition of the European Cannabis Report, published by London-based Prohibition Partners, suggests that with 12% of its 739 million inhabitants being either «irregular or intensive» cannabis consumers, Europe could become the world's largest legal cannabis market.

With twice as many inhabitants as the USA and Canada combined, the European cannabis market could take the lead within 5 years if most countries introduce new legislation/regulations.

According to the report, the European cannabis market :

• has an estimated annual value of 56.2 billion euros
• the potential medical market could amount to 35.7 billion euros
• the potential recreational market, at 20.5 billion euros
• the hemp market amounts to 48.9 million euros

These figures do not include related businesses and the secondary cannabis market (growers, testing labs, security).

On the French side, the report doesn't pull any punches. «France continues to police its people with an archaic (and incredibly isolated) attitude towards cannabis. In fact, the current law has more or less remained unchanged since its introduction in 1970″.

He continues: »Ironically, France is one of the world champions in terms of the percentage of its population who consume cannabis regularly. This has generated a black market worth around 8.3 billion euros a year.»

The report also notes that several European countries have passed legislation on medical cannabis in recent years, and that there is a «50% chance» that some countries will move forward on recreational use in the coming years.

The biggest short-term market remains, of course, the Germany, The recreational and medical market is estimated at 14.7 billion euros, a quarter of the European market.