20 years after the English government issued the first license to grow medicinal cannabis, it has now granted another license to a Jersey company.
Demand is increasing worldwide and the market is currently undersupplied
The UK granted another permit for the cultivation of medicinal grade cannabis. More than 20 years after GW Pharmaceuticals received a cultivation license, the permit went to Jersey-based Northern Leaf, according to a report by Ganjapreneur. Accordingly, Northern Leaf plans to pursue THC-rich medical cannabis Great Britain, Germany, Denmark, Spain and Portugal to deliver. "Demand is increasing worldwide and the market is currently undersupplied," said Northern Leaf Managing Director Campbell Dunlop.
According to the international cannabis market research company Brightfield Group, the European cannabis market could reach up to 330 million euros in 2020. The UK cannabis industry is expected to grow at a compound annual growth rate of 98% between 2020 and 2025.
While these numbers appear high, they're on the small side compared to the market in the United States, where annual sales of adult-use and medical cannabis are expected to reach $30 billion by 2025, according to the report.
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