According to a new research, more than half of Europeans favor legalizing cannabis, which is good news for entrepreneurs and investors hoping to profit from the industry’s expansion.
According to Alastair Moore, the founder of Hanway Associates, a marijuana research business, the gradual expansion of Europe’s medical-cannabis industry and the explosion of wellness-focused CBD products have helped transform opinions after decades of rejection.
According to Hanway Associates polling data, Italy and Portugal stand out as the most pro-legalization countries, despite the fact that they have yet to undertake major reforms.
The narrative around cannabis is now less about scaremongering, he said. This move away from resistance to acceptance is a good sign for entrepreneurs and investors entering the market.
Despite its well-known cannabis-selling coffee shops, the Netherlands has the most pessimistic attitude toward cannabis legalization, with only 47% of respondents favoring it. This is the lowest score of the eight countries polled.
Around 80% of the 55% who support cannabis legalization prefer it to be sold in government-regulated businesses.
According to Antonio Costanzo, international chief executive officer of Curaleaf Holdings Inc., this would help starve the illicit market that thrives in the absence of a legal sector.
This shift in public attitude, according to the industry, presents an opportunity for governments to implement regulatory reforms that go beyond medicinal cannabis to legalize recreational use. Companies would be able to generate billions of euros in new revenues as a result of such a change.
We view this not just as an economic opportunity but a chance for policy makers and politicians to start discussing legalization because it is inevitable, Costanzo said. There is both political and public support.
For the time being, Germany is on everyone’s mind. That’s because the coalition government that recently took office vowed to legalize marijuana, but when that will happen is still unknown. In addition, pilot initiatives in Denmark, Switzerland, and the Netherlands legalizing both recreational and medical cannabis are strengthening public opinion. According to a report issued by Prohibition Partners, the first completely legal adult-use cannabis sales in Europe will most likely be in Switzerland by the end of 2022.
Curaleaf and Tilray Brands Inc. are two of the most well-known international players preparing to enter the European market.
We are optimistic about the growth prospects of Europe and will continue to expand as quickly as we can in markets that provide access to cannabis, Curaleaf CEO Joe Bayern said.
Tilray, which has production facilities in Portugal and Germany, claims to be the market leader in medical cannabis sales in Germany and is well positioned to be the market leader once recreational cannabis is legalized.
Companies are drawing parallels to the North American market, where legalization in one state generated a domino effect, as the European market battles to push regulatory reforms. Although Europe is only a few years behind the United States, its progress is very similar. According to Bayern, small reforms already in motion will gain momentum and result in larger regulatory shifts within a few years.
Despite this, barely a third of the 9,043 respondents polled by Hanway Associates said they would try legal marijuana.
Meanwhile, around half of the respondents are fine with a cannabis shop being established in their neighborhood. Home-grown plants are similarly unpopular, with the majority supporting cultivation restrictions.
