According to Business Wire, the European cannabis market is expected to reach US$36,997.1 million by 2027 from 3,498.1 million in 2019. There are several contributing factors to the increase in medical cannabis use in Europe. In this blog, we will explore 5 reasons.
1. Change In Medical Cannabis Regulation
Medical cannabis has been under strong regulation for decades. However, in more recent years, European countries have been experiencing transformation in the regulations for cultivating, processing, and trading medical cannabis products. Medical use of cannabis was legalised in the UK on 1 November 2018, after the cases of two epileptic children who benefited from using cannabis brought increased public attention to the issue. In addition to this, more companies are allowed to market cannabis-derived products. This enables customers to be more aware of these alternative products.
2. A Medical Cannabis Start-up Boom
As the industry opens up, we are seeing a significant rise in startups within the market. For example, Kanabo, Cellular Goods, and Balance. The number of products and devices that are being released into the market is increasing at a phenomenal rate. It is expected that the legalisation of cannabis in the European region would enhance the UK’s cannabis industry. Enabling more companies to develop new products for an increase in demand from customers.
3. A Better Understanding Of The Benefits
As more companies perform research and development on cannabis and its medicinal properties, there is now a better understanding of the material benefits to using this alternative medicine. There are hundreds of chemical compounds found in cannabis, many of which are cannabinoids. These have been linked to providing pain relief. Further to this, cannabis has been found to help treat anxiety, depression, regulate seizures, and other health issues.
4. Move Towards Alternative Medicines
An increasing number of people are moving towards using alternative medicines including medical cannabis. There are several proposed reasons to explain the use of alternative medicine. Some include patient dissatisfaction with conventional treatments, need for personal control, and philosophical beliefs.
5. Covid-19
The pandemic has affected everyone’s lives, especially those who suffer from mental illness like anxiety and depression. On top of this, people are struggling with an unstable job market and being cut off from friends and family. It’s been an environment in which for some, could exacerbate mental health issues. According to a study, medical cannabis users with mental health conditions reported an increase in use on average by 91%.
With the market increasing in size and a change in customer perception, medical cannabis farms will be in need of new technologies to grow and develop their crops. At BioRadiance, we have developed a light bar that simultaneously kills pathogens and stimulates plant growth. We believe that this will ensure cannabis safety, cannabis security, and reduce cannabis waste. Get in contact with us today to find out more.