Study: U.K. Cannabis Industry Could Be Worth $2.8B Per Year If These Problems Are Fixed

A new research paper is shining light on the outdated laws and regulations currently hindering the U.K.’s CBD and medicinal cannabis industries.

Written by Maple Tree Consultants and Mackrell. Solicitors, the paper is supported by sixteen industry heavyweights including Prohibition Partners and the Primary Care Cannabis Network. Its findings refer to distinct areas of the cannabis industry, including CBD, hemp and medical cannabis.

Time To Relax

The paper calls on the government to review its restrictive approach to the U.K. cannabis industry, which could be worth billions of pounds and create tens of thousands of .

Not only would the emergence of a domestic cannabis sector help stimulate the U.K. economy post-pandemic, it would also transform access for the estimated 1.4 million individuals currently sourcing medical cannabis illegally, the paper argues.

In November 2018, the government announced that medical cannabis could be prescribed to patients by specialized doctors, but so far only three NHS prescriptions and 6,000 private prescriptions have been issued. Despite being one of the largest exporters of medical cannabis in the world, the U.K. currently imports 100% of its own cannabis medicine and the majority of its CBD products. This is due to the contradictory legislation of medical cannabis and the convoluted licensing and regulatory processes required for businesses seeking to enter the space.

Professor Mike Barnes, co-founder of Maple Tree Consultancy, told Benzinga that, even though the U.K. enjoys a reputation as a globally dominant medicinal cannabis producer, almost all of the medicinal cannabis products prescribed in the U.K. have, to date, been imported.

“The U.K. is a world leader with a global reputation in pharmaceuticals, so there …

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More Study: U.K. Cannabis Industry Could Be Worth $2.8B Per Year If These Problems Are Fixed