The European market for medicinal cannabis is expected to reach Euros 3.2 billion by 2025, with the UK anticipated to have a share of £1 billion. By 2024, the UK is predicted to return the most significant market growth of any country in Europe, with a Compound Annual Growth Rate of 98%.

In North America, companies are investing in the emerging cannabis market. However, “entering the European market will be difficult for international cannabis companies due to the strict regulatory framework, complex licensing and trading requirements, and cultural and societal nuances around cannabis consumption” (Prohibition Partners – The European Cannabis Report).

CBD products are a key driver for demand, with 6 million people in the UK having used a CBD product in the last twelve months and an estimated 1.4 million regular UK users. The number of patients being prescribed cannabidiol products is forecast to reach 340,000 by 2024 (Financial Times, 2022). This would replicate the growth experienced in the German market, which expanded with similar rapidity following its earlier legalization. UK consumers are currently paying comparatively higher prices for their CBD formulations. For example, a typical UK monthly spend of £55 equates to circa £25 per month for the equivalent product across neighboring European countries (Dynata).