Why do we care so much about European Cannabis Market Growth?
By Isracann Biosciences
Today, Europe makes up 9.78% of the world’s population, roughly 740 million people spread across 28 countries. That’s over double the population size of the US and Canada put together. Europe is also reported to have the highest global rates of cannabis consumption with France accounting for the majority as 11% of its population consumes cannabis regularly. The popularity of cannabis use within the EU is predicted to grow thus positioning Europe to become the largest legal cannabis market in the next 5 years.
In 2018, Canada lifted its prohibitory laws against cannabis. Since then, the cannabis market has grown similar to United States experience which has captured the attention of European policy makers.
Analysts predict that by 2030 the US will reach $75B in legal cannabis sales which implies that the European cannabis market is poised for even great sales growth. For these reasons alone, access to market entry in the EU is a high priority for non-domestic companies looking to expand their global footprint.
While North American companies can apply for EU-GMP certification and have succeeded in establishing relations, one of their inescapable pitfalls is geography. Our company, Isracann Biosciences is an Israeli-based cannabis company that is Canadian owned and uniquely positioned to serve the European marketplace. Israel is a member in many European transnational federations and frameworks while also one of the most established and advance medical marijuana research and business centers in the world. Geographically, it is well suited for EU market distribution and offers optimal climatic conditions for cannabis cultivation. Isracann is focused on becoming a premier cannabis producer to serve major European marketplaces. For more information visit: www.isracann.com