The recognition that cannabis has medicinal properties, and a role in the mix of medical treatments, has spread across the globe in recent years. As a result, an increasing number of jurisdictions have legalised access to it to varying degrees. Currently, this comprises over 50 countries, including Canada, Australia, Germany and over half of the US states. This increased recognition and legalised access has resulted in a global medicinal cannabis industry currently estimated to be worth £16.5 billion now and reaching to over £55 billion by 2027.1
The coronavirus pandemic has disrupted the business landscape in ways that were unthinkable just a year ago. The Government lockdowns have put the brakes on everyday business life, which is affecting even the most pro table sectors and has plunged the UK into the deepest recession since records began. Economists have warned that the
‘worst is yet to come’ after redundancies in the three months to November 2020 reached a record high of 14.2 per thousand.2
With the economy in real di culty and unemployment rates likely to climb higher, there has never been a more urgent need to grasp the opportunities that emerging lucrative markets can offer by providing support now.
One such market is the medicinal cannabis industry. Despite being one of the most tightly regulated and restricted industries in the UK, the sector has undeniable potential. Clinical trials and academic studies are expanding, and our understanding of the cannabis plant is continuously evolving. In parallel, market opportunities are developing in the industry as creativity, funding and technology expand.
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