Regulation
UK Regulation
UK Regulation In October 2018, the UK legalised the manufacture and prescription of medicinal cannabis. However, access to medical cannabis has been limited. Data from The British Medical Journal indicates a potential UK patient base of over 4 million people.
Since it’s earlier legalisation in 2017, Germany has become the medical cannabis leader in Europe, owing to progressive legislation and a large, affluent population. Indeed Germany now constitutes over half of the European market and is predicted to continue to do so until 2024. The UK CBD market remains unregulated. However, with more progressive legislation, will come an increased requirement for regulation to ensure CBD products achieve required standards.
In the UK, Drug Science recently launched TWENTY21, the largest national medical cannabis registry in Europe, with the aim to create a structured body of evidence for the effectiveness and tolerability of medical cannabis for a broad range of conditions.
International laws are changing across the world, opening up more and more countries to the market. Global spend on legalised cannabis product is now forecast to increase from $10.6 Billion in 2018, to $97.35 Billion in 2026. (Fortune Business Insights – Market Research Report)