Volteface has released a report on the cannabis opportunities in the UK market. By basing themselves on data from various other countries such as the US, they have calculated that the UK market has a potential of £1.2 billion. Moreover, they estimate that over 41.000 jobs could be created in the medical cannabis sector alone.
Below are a few of their recommendations to make better use of the opportunities the UK cannabis market could offer:
- "The appointment of a ‘cannabis tsar’ or the creation of a governmental body in the UK to oversee the expansion of the UK medical cannabis industry. At the moment, regulatory matters must be processed through the Home Office. This is slowing down development due to a lack of a streamlined approach. A governmental body reserved for cannabinoid regulation, licensing, and innovation funding is a necessary step towards further harmonizing development in the sector.
- The industry should engage with the British Chambers of Commerce in efforts to invest in innovation for the cannabis sector. This would further legitimize cannabis as a growth sector
and contribute to research and development for expanding access to medicine. There should also be engagement with the National Farmers Union to represent producer interest as a means of diversifying crops. - Simple amendments to legislation to facilitate the flow of products. Currently, customs and other legislative bodies are slowing down supplies and increasing costs. If these processes are simplified, costs will be reduced and patient access will be
improved."
In the report, Daniel Pryor, Head of Programmes at the Adam Smith Institute, writes that "the European market for medical cannabis is
the fastest growing in the world and the UK's unique position gives us the prospect of becoming a leading player in medical cannabis and CBD. 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 center of the European medical cannabis and CBD industry, as well as the significant economic benefits that would result in."
To read the complete report, click here.