UK medicinal cannabis market poised for take-off in the medium term, according to new European report

The European Cannabis Report™ 4th Edition by Prohibition Partners, the most comprehensive study undertaken on the region’s market, also found that the absence of professional medical education around prescribing cannabis has created a barrier for the fledgling UK market. Although the law has changed, doctors and healthcare professionals are having to play catch up as formal educational programmes have not yet been set up.

Treatment is also cost prohibitive. Carly Barton, who suffers chronic pain from fibromyalgia, became the first UK resident to receive a medicinal cannabis prescription – but her treatment is not covered by the NHS and currently costs £10,000 per year.

However, positive experiences of cannabis-related treatments are also filtering through. A recent survey (November 2018) by the United Patients Alliance charity questioned 1,750 patients who use cannabis for medicinal purposes. Suffering a wide range of medical problems from depression and anxiety to pain and spasms, more than three-quarters (77%) experienced significant improvements in their condition when they started using cannabis. This is compared to just 9% who said this of prescription drugs such as Tramadol, Diazepam and Gabapentin.

The launch of the European Cannabis Report™ 4th Edition coincides with the Cannabis Conclave in Davos, Switzerland today and Memery Crystal are the legal sponsors of the report. The report examines commercial and business opportunities in 33 European markets, changing legislation and new regulatory guidelines across the region as well as emerging trends, market forecasts and industry insights.

Commenting on the report, Stephen Murphy, Co-Founder of Prohibition Partners said: “We believe more change is on its way (in the UK market). The WHO is now reassessing the legal status of cannabis and European Union Committees are looking at how to regulate the market internationally. Moreover, the National Institute for Health and Care Excellence guidance, due in October 2019, which will examine the effectiveness and safety of cannabis-based medicinal products, will create another tailwind for demand.”

He added: “This wave of change supports the report’s valuation forecasts, and longer term, we will undoubtedly see restrictions lifted in the UK and across Europe, opening up the market and fuelling unprecedented growth.”

Nick Davis, CEO of Memery Crystal said: “The recent legalisation of medicinal cannabis has been welcome news for the large number of patients with serious health conditions. Although the market in the UK is still developing, it is very much headed in the right direction. Memery Crystal has been at the heart of the drive to make medicinal cannabis legal in the UK and is delighted to support this comprehensive report.”

Notes to the editors:

• Memery Crystal are the leading UK law firm in the emerging medicinal cannabis sector. The firm published its own Green Report on the state of the UK market in September 2018. For more information on the firm’s work in the medicinal cannabis sector, please visit: https://www.memerycrystal.com/what-we-do/natural-resources/medicinal-cannabis/
• Prohibition Partners are the foremost source of independent data and business intelligence for the cannabis industry. They provide provides reliable and credible data on commercial opportunities, market sizes and the regulatory environment in key cannabis markets. For more information, visit: https://prohibitionpartners.com/reports/
• Home to more than 740 million people, a population more than double that of the United States and Canada combined, Europe is set to become the world’s largest legal cannabis market over the next five years. In the last 12 months alone, the European cannabis industry has grown more than in the last six years. Six countries have announced new legislation and over €500m has been invested in European cannabis businesses and as our exclusive research shows, Europe’s cannabis market is estimated to be worth up to €123bn by 2028.