Report suggests German cannabis market could reach €1 billion by 2028
Sales of medical cannabis in Germany are projected to surpass a record €420 million (approximately $455.2 million) in 2024 and could reach €1 billion by 2028, according to The German Cannabis Report, released Wednesday by London-based data and market intelligence firm Prohibition Partners.
Sales of medical cannabis at government-licensed pharmacies grew 30% in the third quarter of 2023, boosted by new laws implemented in April, the report says.
Cannabis legislation in Germany, where the government is following through on a 2021 campaign promise to legalize the cultivation and sale of the drug for recreational use, is considered among the most permissive in Europe.
Since the legalization of medical marijuana in 2017, the country has more than 200,000 patients out of a population of more than 84 million.
Doctors are allowed to prescribe medical cannabis for any condition they believe could benefit from the drug. In addition, the cost of cannabis purchased from pharmacies can be reimbursed by the German public health system.
The new Cannabis Act, which came into force in April 2024, allows the home cultivation of recreational cannabis and creates the legal framework for so-called “social cultivation clubs.” This legislation has also significantly increased the number of patients using medical cannabis, according to “The German Cannabis Report.”
The growth in patient numbers is partly attributed to the lifting of restrictions on the path to legalizing recreational use. Although domestic companies are now exempt from production quotas, Germany still relies on imports to meet growing demand.
Cannabis imports increased by 44%, reaching a quarterly record of 11,705 kilograms (about 25,800 pounds) in the second quarter of 2024, according to the report.
Content originally published in MJBiZDaily
Source: https://sechat.com.br/noticia/relatorio-sugere-que-o-mercado-de-cannabis-na-alemanha-alcance-1-bilhao-de-euros-ate-2028
Medical cannabis sales to surpass $455 million by 2024
