Britain is set to see the greatest cannabis medical market growth rate in Europe between 2020-2025.
According to a new report, entitled European Cannabis 2020, by international cannabis market research firm Brightfield Group, expectations to allow for domestic cultivation and general practitioners prescribing in the coming years will result in a 2020-2025 compound annual growth rate (CAGR) of 98%.
In 2020, Europe’s cannabis market is projected to reach $359m (£269m) in 2020, a rise of 25% from 2019, and will grow to over $3.1bn by 2025, with a 2020-2025 CAGR of 52%.
Chart: Brightfield Group
Brightfield Group said that while it had initially projected the cannabis market in Europe taking a hit from the pandemic, due to decreasing patient registrations and supply chain disruptions, the market grew 28% during the year.
“The last few months have seen an acceleration in the pace of change in the healthcare industry. As healthcare systems are rebuilt to be more digitally-enabled and personalised, we will reassess the role that cannabis can play in improving a patient’s quality of life,” said Gavin Sathianathan, CEO of healthcare tech app Alta-Flora in a statement to Yahoo Finance UK.
“Europe’s healthcare systems will be under huge pressure to reduce costs in the next decade, and medical cannabis will eventually play a pivotal role in improving quality of life for…
