An advocacy organization known as Volteface recently released a report entitled “New Leaf: Beyond Brexit, Countering Covid” explores how the United Kingdom (UK) is missing out by not fully embracing the opportunities of the medical cannabis industry.
Head of Programming at the Adam Smith Institute, Daniel Pryor, wrote the foreword for the report, stating that the UK is poised to become highly successful if it embraces the plant.
“The European market for medical cannabis is the fastest growing in the world, and our unique position gives us the prospect of becoming a leading player in medical cannabis and CBD,” said Pryor.
“This paper provides a fascinating overview of the state of play in these markets, opportunities for growth and the regulatory questions that face the sector. It shows how the UK is in a prime position to become the centre of the European medical cannabis and CBD industry, as well as the significant economic benefits that would result.”
Volteface’s report estimates that the UK medical cannabis market could be worth up to £1.2 billion. With this much potential, it predicts that a full-fledged medical cannabis industry could create up to 41,437 jobs, and 17,000 ancillary jobs.
The report also includes a list of seven recommendations for the UK to embrace, including:
- A “cannabis tsar” or governmental agency to help drive the UK toward medical cannabis legalization and regulation.
- Clarity from the Food Standards Association in regards to the legal amount of THC allowed in CBD products.
- An investment in innovation for growth in the cannabis industry, as well as communication with the National Farmers Union “to represent producer interest.”
- Following up with a previous recommendation from Volteface, allowing hemp seeds/plants