Europe Cannabis Market Outlook and Strategic Insights by 2027

The Europe cannabis market is expected to reach US$ 36,997.1 million by 2027 from US$ 3,498.1 million in 2019. The market is estimated to grow with a CAGR of 29.6% from 2020 to 2027.

Earlier, the European Union (EU) has restricted the use of cannabis for medical applications. However, the evidence of promising good results to treat various medical conditions have allowed the EU to market cannabis products. In the European region, there was a tremendous rise in the cannabis industry and is expected to grow at a faster pace. In December 2019, the European Medicines Agency (EMA) had granted marketing authorization for cannabis-derived medicinal products across the EU. For instance, in September 2019, EMA has granted the use of Epidyolex conjunction with Clobazam, for patients of two years of age and older. It is used as a therapy for seizures associated with Lennox­Gastaut syndrome (LGS) or Dravet syndrome (DS). Similarly, in November 2019, the European Food Safety Authority (EFSA) has applied to synthesize trans­cannabidiol as a novel food. It was filed after the EU did the validation.

In addition, countries such as France and the UK have geared up the implementation of cannabis medical products. Various other countries in Europe have started providing reimbursement to patients for cannabis-derived medicinal products. Moreover, in the UK, the government has been lenient for growing cannabis at home for medical purposes. Likewise, in October 2019, the French National Assembly has adopted an amendment to the 2020 Social Security Financing Bill to provide a clear legal basis for the medical cannabis pilot program. In January 2020, the French National Agency for Medical and Health Products published Q&A on medical cannabis and the pilot program. Furthermore, in August 2019, in Germany, new Law for More Safety in the Supply of Pharmaceuticals were imposed for patients to provide better access to medical cannabis. Thus, owing to the up-gradation of regulation for medical cannabis across the European region is estimated to drive significant market growth during the forecast period.

Europe Cannabis Market Revenue and Forecast to 2027 (US$ Mn)

Europe Cannabis – Market Segmentation

Europe Cannabis Market– By Product Type

• Flowers
• Concentrates
• Others

Europe Cannabis Market– By Application

• Medical
  • Pain Management
  • Neurological Health Management
  • Mental Health Management
  • Others
• Recreational

Europe Cannabis Market– By Compound

• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC and CBD

Company Profiles

• Aphria, Inc.
• Aurora Cannabis
• Cannabis Science, Inc.
• Canopy Growth Corporation
• Medical Marijuana, Inc.

Europe Cannabis Report Scope