{"id":21107,"date":"2022-04-01T15:00:23","date_gmt":"2022-04-01T19:00:23","guid":{"rendered":"https:\/\/www.veriheal.com\/blog\/?p=21107"},"modified":"2024-10-01T14:54:45","modified_gmt":"2024-10-01T18:54:45","slug":"recreational-cannabis-legalization-in-germany-medical-cannabis-businesses-and-investors-hope-so","status":"publish","type":"post","link":"https:\/\/www.veriheal.com\/blog\/recreational-cannabis-legalization-in-germany-medical-cannabis-businesses-and-investors-hope-so\/","title":{"rendered":"Recreational Cannabis Legalization in Germany? Medical Cannabis Businesses and Investors Hope So"},"content":{"rendered":"

The German federal government may only have legalized cannabis for medical purposes back in 2017, but the market has already earned enough appeal for big-name players to get involved. Now, as the country contemplates adult-use cannabis legalization<\/a>, all eyes are on Deutschland.<\/p>\n

Early success with medical cannabis has contributed to the market’s rising popularity among local German people, with up-to-date figures showing that at least 128,000 people have registered<\/a> to receive cannabis-based medicines every single year under the patient program.<\/p>\n

In 2019, insurance companies reimbursed 60% of medical cannabis prescriptions<\/a>. The German market’s success has resulted in numerous start-ups getting involved, including Cannovum AG, which went down in history as the first publicly traded medical cannabis company in Germany.<\/p>\n

Cannovum AG is paving the way for other cannabis companies to follow suit. In May 2021, the licensed pharmaceutical wholesaler, importer, and manufacturer was featured on the D\u00fcsseldorf Stock Exchange. Companies in similar avenues look set to harvest substantial rewards if Germany’s market shifts to a recreational focus.<\/p>\n

Germany’s Cannabis Import and Export Opportunities Are Growing\u00a0<\/b><\/h2>\n

A string of worldwide investors is flocking to Germany, mainly due to the fact that the country is considered Europe’s most lucrative market. Although Germany’s medical cannabis policy is in its early stages, it still outshines other European cannabis markets due to its colossal growth.<\/p>\n

For example, by the year 2024, more than 1 million German patients will be able to get their hands on medicinal-grade cannabis. What’s more, analysts foresee the market inflating to \u20ac7.7 billion (USD$8.4 billion) by 2028<\/a>.\u00a0Something that is contributing to market growth is the consistent supply of pharmaceutical cannabis, as well as the prospect of an adult-use cannabis market.<\/p>\n

Previously, just two countries were exporting their territory-grown cannabis for distribution in Germany’s medical cannabis market: the Netherlands and Canada. However, in 2021, more than 17 countries imported cannabis into Germany, nine of which were European countries.<\/p>\n

The country’s Federal Institute for Drugs and Medical Devices (BfArM)\u00a0estimated that Germany imported a record-breaking 9,249 kilograms of the green stuff in 2020. What’s more, data published by the Federal Ministry of Health during the first half of 2021 showed that the country received close to nine tons of medical cannabis flower, whereas just five tons were imported during the first half of 2020.<\/p>\n

Under existing German law, cannabis can be cultivated, sold, owned, imported, and exported. However, with a lack of cannabis being produced internally, Germany provides ample opportunities for well-established medical cannabis companies to churn out their yields for the country’s growing consumer demographic. Examples of those companies include:<\/p>\n