The Adam Smith Institute’s Head of Programming, Daniel Pryor, authored the forward for the report, stating how the country is on the cusp of becoming very successful if it embraces the plant with open arms. Pryor said in the statement, “The European market for medical cannabis is the fastest growing in the world, and our unique position gives us the prospect of becoming a leading player in medical cannabis and CBD.” He continued, “This paper provides a fascinating overview of the state of play in these markets, opportunities for growth, and the regulatory questions that face the sector. It shows how the UK is in a prime position to become the centre of the European medical cannabis and CBD industry, as well as the significant economic benefits that would result.”
Estimates from the write-up say that the United Kingdom’s medical marijuana market would be worth up to €1.2 billion. With that possibility, it expects that a full-fledged medical marijuana industry could develop up to 41,437 jobs and 17,000 additional jobs. The statement also included a list in the documentation that listed seven recommendations for the United Kingdom to take advantage of, including:
The report is split up into four different sections. The first section, “The Economic Opportunity,” urges that the country become an “investment hub” with some of the largest marijuana businesses globally, such as Aurora, Canopy Growth, and Aphria Inc. The section makes note of the top 20 markets (both U.S. States and European countries). The report states that “This UK market estimate demonstrates the immense economic opportunity the cannabis sector holds. By developing the UK into a European cannabis industry leader, this will hold a significant amount of capital, in the realms of €1.265 billion.”
As aforementioned, it also explores the job-related data of many states in the United States and how marijuana contributes to the local economy. One section, “The Innovation Opportunity,” opens up the discussion about the possible growth, using research from Kanabo, Israel-based research, and a development company that developed what the write-up called “groundbreaking,” and CiiTECH, a CBD business focused on cannabinoid studies that aim to “legitimize CBD as a health product.” With the data from the two companies, the report hopes that they showcase the benefits of innovation and asserts that only through innovation can the marijuana industry get past decades of prohibition into a new and thriving era. The third section, “The UK CBD Advantage,” addressed a “novel food,” which is a European regulation that defines a food product that does not have a history before May 1997 as a means to monitor new developed “foods” for consumer safety. The document also addressed the difficulties of compliance enforcement. In the United States, some of the main compliance concerns and requirements have revolved around tamper-evident and child-resistant packaging.
The last section, “Increasing European Competition,” looks at the current industries in France and Denmark, concluding with a compelling call to action for the country to remove its restrictions to medical marijuana access and begin looking forward into the future. This report has many excellent points as to why the marijuana laws in the United Kingdom need to change. It’s incredible to see how marijuana reform is beginning to tear down barriers all over the country.