This article by Corey Noles was originally published on Cannabis & Tech Today, and appears here with permission.
The UK is now the largest producer and exporter of legal cannabis in Europe, according to a new report.
The report, released by released ResearchandMarkets.com, is titled “Europe Cannabis Market Forecast to 2027 – COVID-19 Impact and Regional Analysis By Product Type; Application; Compound, and Country.”
The European market is expected to reach $37 billion by 2027 from $3.5 billion in 2019; it is anticipated to grow at a CAGR of 29.6% from 2020 to 2027.
The growth of the market in this region is attributed to the upgrading of regulations for medical cannabis and growth of the cannabis industry as well as an increase in microdosing. However, challenges related to cannabis hinder the market growth.
The Challenges in European Cannabis
The European countries are experiencing transformation in the regulations for marketing cannabis and related products. The changes in the regulations have allowed the cultivation, processing, and trade …