An advocacy organization known as Volteface A report was recently published entitledNew page: Post-Brexit, confronting Covid‘Exploring how United kingdom (UK) not fully missing seize opportunities for the medical cannabis industry.
The Adam Smith Institute’s head of programming, Daniel Pryor, wrote the foreword to the report, noting that the UK was poised for great success if it embraced the plant.
“The European market for medical cannabis is the fastest growing in the world, and our unique position gives us the potential to become a leading player in medical cannabis and CBD,” Pryor said.
This paper provides a fascinating overview of the state of play in these markets, growth opportunities and regulatory questions facing the sector. It shows how the UK is in a prime position to become the center of the European medical cannabis and CBD industry, as well as the significant economic benefits that may result.”
The Volteface report estimates that the UK medical cannabis market could be worth up to £1.2 billion. With such great potential, you predict that the entire medical cannabis industry could create as many as 41,437 jobs, and 17,000 additional jobs.
The report also includes a list of seven recommendations the UK should adopt, including:
- “Cannabis Caesar” or a government agency to help push the UK towards legalization and regulation of medical cannabis.
- Clarification from the Food Standards Association regarding the legal amount of THC allowed in CBD products.
- An investment in innovation for growth in the cannabis industry, as well as networking with the National Farmers Federation to “represent the interest of producers.”
- Following up on the previous recommendation from Volteface, allowing hemp seeds/plants with more than 0.2 percent THC and up to one percent, which “improves plant health and increases CBD yield per acre.”
- Follow up on legislative changes to expedite the flow of products, which simplifies the process and improves patient access.
- Amending legislation requiring prescriptions for cannabis by physicians via the Specialized Registry.
- Conducting a government-funded national trial of medicinal cannabis products to “open up the entire UK market.”
The entire report is divided into four sections. First, Economic Opportunity, recommends that the UK become an “investment hub” with some of the world’s largest cannabis companies, such as Aphria Inc, Aurora and Canopy Growth. The report identifies the top 20 markets (both European countries and the United States). This UK market appreciation illustrates the huge economic opportunity that the cannabis sector holds.
By developing the UK to become a leader in the cannabis industry in Europe, this will carry a significant amount of capital, in the region of £1.265 billion”, the report states. As mentioned earlier, it also delves into job-related data in several states In the United States and how cannabis contributes to the local economy, too.
Second, “The Innovation Opportunity” opens up the discussion about potential growth, using case studies of Kanabo, the Israel-based research and development company that created what the report calls a “pioneer,” and CiiTECH, a CBD company focused on cannabis research that seeks to “give the Legality on CBD as a Health Product”.
Together, the report hopes that these case studies showcase the benefits of innovation, and argue that only through innovation can the cannabis industry push past decades of Prohibition into a new and prosperous era.
Third, the UK CBD feature addresses “new food”, a European law that defines a product with no date prior to May 1997 as a method of monitoring newer developed “foods” for consumer safety. With cannabis in mind, the report addresses compliance enforcement challenges.
Finally, “increasing European competition” covers current industries in Denmark and France, and ends with a UK call to action to remove barriers to accessing medicinal cannabis and start looking to the future.
“The UK industry is taking off with a rapidly changing landscape. Although things look good, there is more work to be done. If the UK is to continue to develop into an industry leader, it must consider a framework that is subject to To control access to medical cannabis. Access to medical cannabis needs to be expanded in order to properly phase out medical cannabis and see long-term development.”
More details are available for review in the Volteface report, which is viewable Here.