The "green rush" in Europe has commenced, and Americans are ready to invest their time, travel plans and money into the cannabis market across the pond, according to a new study.
Bloomwell Group, a Germany-based holding company for medical cannabis companies, released the results of its 'European Cannabis Market Survey,' which examined American cannabis consumers' expectations for, and opinions of, this burgeoning sector abroad, including the demand for cannabis tourism, investment opportunities, trade and more.
The vast majority of respondents – 80 percent – agreed that "cannabis companies are attractive investment options," while 61 percent shared that they "would invest in European cannabis stocks."
Respondents also reported positive sentiments regarding cannabis tourism, an evolving issue in Germany, which only recently legalized adult-use cannabis after several years of expanding its medical market. Experts predict adult-use cannabis to come online by 2024, but regulators have not yet determined tourism policies. However, more than 66 percent of the Americans surveyed said they "would visit a cannabis dispensary or social consumption lounge" in Germany.
The state of European cannabis
The European cannabis industry has made unprecedented strides in the past year: Luxembourg decriminalized cannabis ownership and is hoping to legalize the market; Malta has decriminalized possession; the Netherlands launched Europe's first-ever commercial cannabis cultivation pilot program; and Switzerland is also running a pilot project.
But the crown jewel of European cannabis is Germany, which is celebrating its medical market's 5-year anniversary while paving the way to becoming the adult-use capital of Europe. According to a BDSA report from this month, international sales will exceed ~$10 billion in 2026. The bulk of that new legal spending will be driven by Germany (contributing ~$3 billion by 2026).
"Germany has 82 million inhabitants – that's more than Canada and California, two of the current biggest cannabis markets on the globe. Therefore, when Germany opens up for adult-use cannabis, it will become the biggest market in the world," said Bloomwell Group CEO and Co-founder Niklas Kouparanis. "The future language for cannabis will be German."
The American connection
The survey also addressed how the U.S. can potentially benefit economically from licensed cannabis markets in Europe. According to renowned economist Justus Haucap, Germany will have a demand of 400 tons of cannabis annually after legalization. To help meet that dramatic demand, 80 percent of Americans polled say that the "U.S. should export cannabis to Europe," a practice that would potentially increase domestic revenue.
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