Cannabis Investment
2024 Price Projection for UK Medicinal Cannabis Market
The current state of the cannabis market in the UK is that it is legal to use cannabis for medicinal purposes, but there are so many rules and restrictions attached to the legislation that it is extremely difficult for patients to get access to this medicine.
UK Medical Cannabis Market Price:
A report published by JD Supra estimates the UK medical cannabis market to be worth over $2 billion (approx. £1.5 billion) by 2024.
The global market value of medicinal cannabis is said to reach over $62.7 billion (approx. £47 billion) by 2024. Europe alone are estimated to take up around $22 billion (approx. £16.5 billion) of this. The UK, on the other hand are projected to take up near $2 billion (approx. £1.5 billion). In comparison to USA and Europe, price projection of medical cannabis for the UK is considerably low. This is due to the regulations and legality surrounding the licenses to grant cultivation of medicinal cannabis.
In 2019, the number of medical cannabis users was less than 250. At the end of 2024, it is projected to reach over 337,000. This takes into consideration users suffering from a wide range of medical conditions. For example, in the UK over 600,000 people are suffering from epilepsy. Medical cannabis can be considered for these 600,000 people to combat epilepsy. Another example would be Fibromyalgia. Currently, around 1.5 million – 2 million people in the uk suffer from Fibromyalgia. Medical cannabis can be prescribed to help manage the pain levels associated with Fibromyalgia.
The UK medical cannabis market has huge potential. There a number of health conditions, where medical cannabis can be proved beneficial. With the number of clinical trials taking place, soon the UK’s view on medical cannabis may be changing for the better.
The CBD Market in the UK:
In 2019, the CBD market was estimated to be worth over £300 million. Majority of the products that were being sold in the UK came from foreign countries. This is due to, the law surrounding products containing CBD. Within the UK law, hemp plant stalks are able to be used for textiles, and the seeds of the plant are able to be used for food products. However, when it comes to the actual flowers and leaves of the plant, they must be destroyed – as part of the hemp cultivation license. Majority of the CBD residue is contained within the flower/leaves. This falls under the definition of “cannabis”, therefore within scope of the Misuse of Drug Act.
