With Canada’s recreational cannabis market opening in less than a month all eyes are going to be on the emerging Canadian market. With Canadian cannabis companies forming partnerships with large American corporations, such as cannabis giant Canopy Growth’s 5 billion dollar deal with Constellation Brands, people are saying the Canadian market will be the future of cannabis. While it looks like that is the case for the immediate future, those looking to long term invest in the medical cannabis market should look to the growing European market, Investing News Network reports.
The reasons why are pretty simple. First of all, at 740 million, Europe has a much larger population than both the US and Canada. Of those 740 million, a large percentage are using cannabis now, or are expected to in the future. Medical cannabis is legal in 22 European countries, which means a very large European market is beginning to form.
Cannabis isn’t Legal Everywhere, Why is Europe’s Market Growing so Fast?
This is not just because of the fact that Europe has a much larger population, though that is obvious. As INN points out, many countries are allowed to grow cannabis for medicinal use, as long as it’s exported to another country where medical cannabis is legal. This is currently what countries like Spain, Britain, and Macedonia do, while importing their own supply.
Another thing to consider is that socialized medicine is the norm throughout Europe, and unlike in America weed is considered medicine and is covered by their national health insurance plans.
It seems that if you’re looking to get into the cannabis industry, Europe is probably where you would have the best chance of seeing success. The corporations have taken over North America, so it’s time to look elsewhere. As they say, the grass is greener on the other side.
Is the European market the future of the cannabis industry? Tell us in the comments!