In the last three years, cultivation projects have raised hundreds of millions of euro across Europe. In addition to some small facilities used to supply domestic programmes in Italy, Switzerland and the Czech Republic, large scale operations, with the main goal of exportation, are being set up in Denmark, Portugal, Spain, Greece, Macedonia and Malta. These countries are now all competing to become the European hub of cannabis cultivation.
However, much like in Canada, following a period of shortages and undersupply, the predicted increase in supply will vastly exceed demand. As of August 2020 all fully licensed operators in Europe had the capacity to produce some 34 tonnes of cannabis flower a year, either sold as dried herb or extracted into manufactured products, which is three times the estimated European demand in 2020.
Moreover, if all the projects being planned were to come to fruition, which would be unlikely, Europe would surpass 300 tonnes of cannabis output capacity over the next few years. In the next few months we will see the first commercial harvest in Germany, Denmark commencing exports, Greek operations coming online, more Spanish facilities gaining full regulatory approval and the harvest of outdoor crops in Portugal.
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