#The cannabis grow bible new edition coming trial#
In France, the trial for medical cannabis access did not begin in 2020 as planned but was pushed into early 2021.
In Germany, the introduction of domestically produced cannabis has been delayed due to the ‘persistent consequences’ of COVID-19. This has been supported by major events such as the progress of decriminalisation bills in the US, the democratic victory in the US and the UN vote on reclassifying cannabis under international law.ĬOVID-19 stalled some progress of cannabis access and reform across Europe. As reported by Prohibition Partners midway through 2020, cannabis stocks have shown signs of stronger recovery than the market average. Since the beginning of the pandemic, the markets have recovered to pre-2020 levels. Cannabis stocks took an even larger hit, as proxied by the Alternative Harvest ETF, with more than a 40% drop which took the market nine months to recover from. At the lowest point, the Vanguard Total Stock Market Index, which can be used as a proxy for the general market, saw a 30% reduction in share prices as compared to 1 January 2020 levels, and took ~six months to recover from the blow.
The pandemic precipitated a steep decline in global stock markets. In Spain, the closing of cannabis clubs across cities such as Barcelona meant that patients who were already sourcing their medicine from a legally ‘grey’ supply chain, had to revert to the black market to obtain their medicines. In Ireland and the UK, special arrangements were necessarily put in place by the Departments of Health so that patients could receive their cannabis medication by post from the Netherlands in order to minimise travel. In the Netherlands, delays to cannabis exports from the Office of Medical Cannabis to other European countries were seen during the Summer of 2020. The pandemic caused a slew of disruptions to the medical cannabis supply chain in Europe, and laid bare some of its vulnerabilities. These are just a few of the major events in the European market covered in more detail in the European Cannabis Report: 6th Edition. The London Stock Exchange has opened to medical cannabis companies and several have already listed, opening the way for large flows of capital. Curaleaf, one of the largest cannabis companies in the world is acquiring European operator EMMAC for €288 million. Jazz Pharmaceuticals has agreed to acquire UK-based GW Pharmaceuticals for just under €6 billion. The first quarter of 2021 has also seen massive developments in the commercial side of the industry in Europe. Portugal recently approved its first medical cannabis product for marketing. Switzerland has adopted new regulations regarding medical cannabis which has allowed for easier access by patients, and it will legalise the sale of adult-use cannabis under pilot programmes by. The first patients have received treatment under France’s pilot medical programme. With legislation now progressing rapidly, 2021 has already brought good tidings for the cannabis industry in Europe. Just weeks later, the UN finally recognised the medical potential of cannabis by removing the plant and its derivatives from Schedule IV of the Single Convention on Narcotic Drugs, with all EU nations voting in favour of the motion, bar Hungary. In November, the European Court of Justice ruled that CBD is not to be considered a narcotic substance under EU Law, paving the way for the future CBD markets. The liberalisation of cannabis is accelerating in Europe, and the final quarter of 2020, in particular, saw several important developments. The sizing of the cannabis market is considered thoroughly in the new edition of The European Cannabis Report: 6th Edition. By 2025, large countries like France and the UK will have developed their patient access considerably and will represent a significant share of the European market.
Despite the delays caused by COVID-19, Prohibition Partners estimate that 60,000 patients accessed medical cannabis on the continent for the first time during the year, bringing the total number of active patients to 185,000. As detailed in the latest European Cannabis Report, 2020 was a significant year for medical cannabis in Europe in terms of patient access and regulatory and commercial progress.