Europe: The cannabis industry's eldorado | Malay Mail

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LONDON, Nov 29 — After North America, the cannabis industry dreams of conquering the European market -- Britain in particular — and is banking on changing the image of the psychoactive plant, despite regulatory constraints and ethical debates. Health, cosmetics, well-being and food were at the...

Canada legalised cannabis last year, while in the United States, federal law considers it a hard drug, but 11 states and the US capital have legalised its recreational use. — chabybucko/Istock.com pic via AFP

Currently, the legal cannabis market in Europe — where medicinal use is allowed in most EU countries — is worth around US$1 billion , Nikolaas Faes, a senior research analyst for the bank, told AFP.“It is a very tiny market in Europe because the legal issues are very diverse with very fragmented regulations,” said Faes.He said legalisation could pay off in a big way, since the total market in Europe, including illegal trafficking, is estimated at US$55 billion.

That said, the debate remains a hot topic and Britain's state-run National Health Service points out the harmful effects of recreational cannabis use, in particular the increased risk of developing conditions such as schizophrenia.

 

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