UK medical cannabis program could bring in £1.2 billion

Broad legalization of medical cannabis in the UK could bring in £1.2 billion and create 41,437 new jobs in the sector and around 17,000 ancillary jobs, according to a Volteface report, UK-based NGO that seeks to reduce the harm caused by drugs to individuals and society, through evidence-based policy and reform.

The report, entitled New Leaf: Beyond Brexit, Countering Covid, includes a variety of recommendations for the industry, including the appointment of a «Cannabis Czar» or government agency to oversee the industry, which the group believes would accelerate development.

«Currently, regulatory issues have to be dealt with by the Ministry of the Interior. This slows down development due to the lack of a streamlined approach. A government agency dedicated to cannabinoid regulation, licensing and innovation funding is a necessary step to further harmonize the development of the sector,» the report states.

The report states that under the current regime, customs and other legislative bodies slow down supply and increase costs, and if processes were «simplified», costs would be reduced and patient access improved.

The report suggests that the authorities provide regulatory «clarity» regarding the amount of THC authorized in CBD products only, and proposes that «this regulatory clarity» be made «in a way that ensures it encourages investment and innovation».

In addition, Volteface calls for allowing THC percentages above 0.2 % and up to 1 % for hemp seed varieties, which the group says would «improve the health of the plant and increase the yield of CBD per acre» without affecting the final product, which could still have undetectable levels of THC.

In addition, the report suggests changes to the current, very limited medical cannabis program, including modifying regulations that require medical specialists to recommend medical cannabis to patients. Volteface recommends allowing all doctors to be authorized to prescribe medical cannabis after undergoing specific training.

«Making it possible for all doctors to prescribe medical cannabis is a huge and achievable victory,» says the report. «The UK should follow in Germany's footsteps in terms of the speed at which the sector can develop if permitted. The UK should focus on helping private patients get reimbursed by insurance.»

The organization also argues that the only way to «fully unlock» the potential of the UK medical cannabis market is «to increase the evidence base for medicinal cannabis products ... to widen patient access to [National Health Service]. »

Daniel Pryor, head of programs at’Adam Smith Institute, wrote in the report's preface that «widening patient access» remains the «elephant in the room» for medical cannabis in the UK.

«The only way to achieve this would be through a government-funded national trial,» says the report. «Forming strategic partnerships with reputable UK medical institutions is key to bringing cannabis-based medicines into the mainstream medical ecosystem.»